PERFORMANCE BANK GUARANTEE. In addition to the EMD and retention money described above, the successful tenderer, within a period of 14 days from the date of award of work by the Bank, shall submit a Performance (Bank) Guarantee (to be arranged by the contractor at his own cost) obtained from any of the nationalized/ scheduled bank, in the format approved by the Bank for an amount equivalent to 5% of the contract value. This is to ensure adherence to complete the work and execution with best quality workmanship. The above-noted Performance Guarantee shall be valid up to the satisfactory completion of the work in all respects and shall have to be renewed by the contractor up to extended completion time, if any. In case, the contractor fails to comply with any of the above conditions, the Bank will be at liberty to invoke the Guarantee based on the certificate issued by the Bank’s Security Manager. The Guarantee shall be released after issue of completion certificate.
Appears in 2 contracts
Sources: Annual Maintenance Contract, Annual Service Contract for Security Guards