Refund of Performance Guarantee Clause Samples

Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days of completion of contract period subject to finalization of final bill whichever is later and no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. a) It shall be clearly mentioned that the BG shall be applicable for individual work/ contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further for minimum 6 months beyond the contract period. b) It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period as mentioned in the tender & in case of its expiry it will attract penalization.
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Refund of Performance Guarantee. Note: a) It shall be clearly mentioned that the BG shall be applicable for individual work/contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further for minimum 6 months beyond the contract period. b) It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period as mentioned in the tender & in case of its expiry it will attract penalization.
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Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days subject finalization of final bill whichever is later and no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. a) It shall be clearly mentioned that the BG shall be applicable for individual work/contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid till finalization of final bill. b) It shall be the responsibility of the bidder to keep the submitted
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Refund of Performance Guarantee. The Deposit on account of performance guarantee shall be released within 30 days of completion of Defects Liability Certificate subject finalization of final bill whichever is later and no recoveries are pending against the said work, provided that the Engineer is satisfied that there is no demand outstanding against the Contractor. ❖ Summary of time of Refund of deposit is tabulated as follows: a. Time of Refund for works having 5 years DLP Deposits refunded after completion After 3 yrs of DLP After Completion of DLP b. Time of Refund for works having 1 or 2 or 3 years DLP a) It shall be clearly mentioned that the BG shall be applicable for individual work/contract and clubbing of various contracts of the said contractor will not be allowed. In case of obtaining Bank Guarantee, it is necessary to mention that the same shall be valid further 6 months from the completion of defect liability period/ warranty period. b) It shall be the responsibility of the bidder to keep the submitted B.G. “VALID” for the stipulated time period in the tender & in case of its expiry it will attract penalization.
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Related to Refund of Performance Guarantee

  • Guaranty of Performance Each Guarantor also guaranties the full, prompt and unconditional performance of all obligations and agreements of every kind owed or hereafter to be owed by the Borrower to the Agent or the Lenders under the Credit Agreement and the other Loan Documents to which the Borrower is a party. Every provision for the benefit of the Agent or the Lenders contained in this Guaranty shall apply to the guaranty of performance given in this paragraph.

  • Guarantee of Performance Parent hereby ------------------------ guarantees the performance by Acquisition of its obligations under this Agreement.

  • Continuity of Performance In the event of a dispute between the Party and the State, each party will continue to perform its obligations under this Agreement during the resolution of the dispute until this Agreement is terminated in accordance with its terms.

  • 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.

  • Manner of Performance Subject to the provisions of Article XII hereof, the Contractor shall perform all of the Work described in the Statement of Work, or cause such Work to be performed in an efficient and expeditious manner and in accordance with all of the terms and provisions of this Agreement. The Contractor shall perform the Work in accordance with the current professional standards and with the diligence and skill expected for the performance of work of the type described in the Statement of Work. The Contractor shall furnish such personnel and shall procure such materials, machinery, supplies, tools, equipment and other items as may reasonably be necessary or appropriate to perform the Work in accordance with this Agreement.