Interest Free Security Deposit / Performance Security Sample Clauses

Interest Free Security Deposit / Performance Security. 7.1 Interest Free Security Deposit / Performance Security: The Licensee shall pay Interest Free Security Deposit / Performance Security to DMRC in advance equivalent to the amount of fixed Annual (12 months) License Fee for the stations handed over. The amount will be paid in as per clause 6.2 of the DLA. Minimum 25% of this amount is to be paid in form of DD/PO in favor of DMRC Ltd. and payable in New Delhi, and remaining or 75% in form of BG/DD/PO in favour of DMRC Ltd and payable in New Delhi. Interest free Security Deposit up to Rs.10.00 Lakhs will be accepted in form of DD/PO only in favour of DMRC Ltd. Interest free security deposit/performance Security is to be paid in the following form. Escalated amount of Interest Free Security Deposit shall be deposited in DD/PO or E-mode only. 7.1.1 Bank Draft/PO in favour of DMRC Ltd., payable at New Delhi and issued from a Scheduled Commercial Bank based in India. 7.1.2 Irrevocable Bank Guarantee in the prescribed format (Annexure-1) issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, from/payable at branches located in Delhi/New Delhi. The Bank Guarantee shall be valid for at least three years. The Bank Guarantee shall be extended and renewed every three years well before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked and en- cashed by DMRC without any prior intimation to the licensee. For last year of license period the Bank Guarantee shall be extended and renewed for residual period of contract plus six months and shall renew it further, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Licensee shall be invoked and en-cashed by DMRC without any intimation to the licensee. The scheduled commercial Bank issuing the above bank guarantee must be on the SFMS (structured financial messaging system) platform. A separate advice of the BG shall invariably be sent by the issuing bank to the designated bank of DMRC, through SFMS and only after this the BG shall become operative and acceptable to DMRC. It is therefore in the own interest of the licensee to obtain the details of DMRC’s designated bank and request the BG issuing bank to send the advice of the BG through SFMS to DMRC’s Bank. DMRC’s bank at present, for confirmation/sending advice of the BG of bank guarantee is detailed as under: 7.1.3 In case of a joint venture, the Interest Free Security Deposi...
View SourceView Similar (9)
Interest Free Security Deposit / Performance Security. The Licensee shall deposit Interest Free Security Deposit / Performance Security to DMRC in advance equivalent to half of the Annual license fee calculated on a minimum average area given in Annexure1,2 for each of the station handed over or actual area of approved plan of advertisements as on date of submission of Interest Free Security Deposit / Performance Security, whichever is higher, at the rate applicable for subsequent financial year.
View SourceView Similar (2)
Interest Free Security Deposit / Performance Security. The selected Bidder(s) shall submit Interest Free Security Deposit / Performance Security to DMRC equivalent to 1.1 times the Annual License Fee applicable for the year under consideration (based on area handed over in that year) for which Interest Free Security Deposit/ performance security is being submitted. In case of subsequent handing over of additional area to the licensee, Interest Free Security Deposit/ performance security shall be updated as per updated area under possession of licensee. The Interest Free Security Deposit/ performance security shall be payable for each Bidding schedule I, II, III & IV in any one of the following forms:
View Source
Interest Free Security Deposit / Performance Security. Interest Free Security Deposit / Performance Security: The Licensee shall pay Interest Free Security Deposit / Performance Security to DMRC in advance equivalent to the amount of fixed Annual (12 months) License Fee for the station handed over.The amount will be paid in two installments as per clause 6.2 of DLA. Interest free security deposit/performance Security is to be paid in the following form.Interest free security deposit upto Rs. 10.00 lakhs has to be paid by DD/PO only (in favour of DMRC Ltd, and drawn on a scheduled Commercial bank in Delhi). For amount exceeding Rs. 10 lakhs, minimum 50 % in the form of DD/PO (upto a maximum of 50 lakhs) and 50% or balance amount in form of BG/FDR in favour of DMRC Ltd. Illustration: If Interest Free Security Deposit to be paid is calculated as Rs. 75 lakhs, then first Rs. 10 lakhs by DD/PO. For remaining Rs. 65 lakhs, Rs. 32.5 lakhs by DD/PO and remaining Rs. 32.5 lakhs by BG/FDR. Therefore in the above illustration Rs. 42.5 lakhs is to be paid in form of DD/PO and balance Rs. 32.5 lakhs in form of BG/FDR.The interest free Security Deposit/ Performance Security shall be accepted in the following form: 7.1.1 Bank Draft/PO in favour of DMRC Ltd., payable at New Delhi from a Scheduled Commercial Bank based in India, or 7.1.2 Fixed Deposit Receipt of a Scheduled Commercial Bank / based in India and payable at New Delhi duly pledged in favour of DMRC styled as DMRC Ltd (a/c name of licensee), or 7.1.3 Irrevocable Bank Guarantee in the prescribed format (Annexure-1) issued by the State Bank of India or any other Nationalized Bank or other Scheduled Commercial Banks, acceptable to DMRC, from/payable at branches located in Delhi/New Delhi. The Bank Guarantee shall be valid for at least two years. The Bank Guarantee shall be extended and renewed every two years well before expiry of earlier Bank Guarantee, failing which the previous Bank Guarantee shall be invoked and en-cashed by DMRC without any prior intimation to the licensee. For last year of license period the Bank Guarantee shall be extended and renewed for residual period of contract plus six months and shall renew it further, if required, till the final settlement of all accounts failing which the Bank Guarantee of the Licensee shall be invoked and en-cashed by DMRC without any intimation to the licensee. The scheduled commercial Bank issuing the above bank guarantee must be on the SFMS (structured financial messaging system) platform. A separate advise of the ...
View Source
Interest Free Security Deposit / Performance Security. The Licensee shall pay Interest Free Security Deposit / Performance Security to NMRC in advance of amount equivalent to the 06 (six) months i.e. 1st year’s license fee.The interest free security deposit can be paid within Thirty (30) days of Letter of Acceptance. If actual handed over commercial space will be less than the offered area, no adjustment in interest free security deposit will be done by NMRC. If Licensee fails to make the payment of interest free security deposit/performance security within the stipulated time frame of 30 days from the date of issue of LOA, the NOA and LOA may stand cancelled, and any payments made to NMRC shall be forfeited in favor of NMRC Limited. No request for extension of time in making the NOA payment shall be considered. The interest free Security Deposit shall be accepted in the form of FDR/DD/NEFT or RTGS only. The FDR issuing branch of Bank must be located in the DELHI/ NOIDA/ Greater NOIDA/ Gurugram region only. The FDR from another branch will not be accepted.. If actual handed over area will be more than offered area up to the extent of 10%, the license fee will be charged on pro – rata basis and no differential security deposit will be paid by licensee.
View Source
Interest Free Security Deposit / Performance Security. The Licensee shall pay Interest Free Security Deposit / Performance Security to DMRC in advance equivalent to the amount of fixed Annual (12 months) License Fee for the station handed over. The amount will be paid in two installments as per clause 6.2 of DLA. Minimum 25% of this amount would be paid in form of DD/PO in favor of DMRC Ltd. and remaining or 75% in form of BG/FDR/DD/PO. Interest free Security Deposit upto Rs 10.00 lakhs will be accepted in form of DD/PO only. The interest free Security Deposit/ Performance Security shall be accepted in the following form: 7.1.1 Bank Draft in favour of DMRC, payable at New Delhi from a Scheduled Commercial Bank based in India, or
View Source

Related to Interest Free Security Deposit / Performance Security

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Additional Security Deposit No additional security deposit shall be required in connection with this Amendment.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • Appropriation of Performance Security (i) Upon occurrence of a Contractor’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages for such Contractor’s Default. (ii) Upon such encashment and appropriation from the Performance Security, the Contractor shall, within 30 (thirty) days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Contractor shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate the Agreement in accordance with Article 23. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Contractor shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Contractor’s Default, and in the event of the Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 23.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.