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Procurement of amc(annual maintenance contract) for hvac ... - GAIL

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24 Contract Per<strong>for</strong>mance<br />

Security:<br />

No verbal agreement or inference from conversation with any<br />

effect or employee <strong>of</strong> the EMPLOYER either be<strong>for</strong>e, during or<br />

after the execution <strong>of</strong> the CONTRACT agreement shall in any way<br />

affect or modify and <strong>of</strong> the terms or obligations herein contained.<br />

Any change in layout due to site conditions or technological<br />

requirement shall be binding on the CONTRACTOR and no extra<br />

claim on this account shall be entertained.<br />

24.1 The CONTRACTOR shall furnish to the EMPLOYER, within 15<br />

days from the date <strong>of</strong> notification <strong>of</strong> award, a security in the sum<br />

<strong>of</strong> 10% <strong>of</strong> the accepted value <strong>of</strong> the tender or the actual value <strong>of</strong><br />

work to be done whichever is applicable due to any additional<br />

work or any other reasons, in the <strong>for</strong>m <strong>of</strong> a Bank draft/Banker’s<br />

cheque or Bank Guarantee or irrevocable Letter <strong>of</strong> credit (as per<br />

pr<strong>of</strong>orma enclosed) as Contract Per<strong>for</strong>mance Security with the<br />

EMPLOYER which will be refunded after the expiry <strong>of</strong> DEFECTS<br />

LIABILITY PERIOD.<br />

24.2 CONTRACTOR can furnish the Contract Per<strong>for</strong>mance Security in<br />

the <strong>for</strong>m <strong>of</strong> Demand Draft or through a Bank Guarantee or<br />

through an irrevocable Letter <strong>of</strong> Credit from any Indian scheduled<br />

bank or a branch <strong>of</strong> an International bank situated in India and<br />

registered with Reserve Bank <strong>of</strong> India as scheduled <strong>for</strong>eign<br />

bank. However, other than the Nationalised Indian Banks, the<br />

banks whose BGs are furnished, must be commercial banks<br />

having net worth in excess <strong>of</strong> Rs. 100 crores and a declaration<br />

to this effect should be made by such commercial bank either in<br />

the bank guarantee itself or separately on a letter head.<br />

The bank guarantee or the Letter <strong>of</strong> Credit shall be submitted in<br />

the prescribed <strong>for</strong>mat.<br />

24.3 If the CONTRACTOR/SUB-CONTRACTOR or their employees or<br />

the CONTRACTOR’s agents and representatives shall damage,<br />

break, deface or destroy any property belonging to the<br />

EMPLOYER or others during the execution <strong>of</strong> the CONTRACT,<br />

the same shall be made good by the CONTRACTOR at his own<br />

expenses and in default there<strong>of</strong>, the ENGINEER-IN-CHARGE<br />

may cause the same to be made good by other agencies and<br />

recover expenses from the CONTRACTOR (<strong>for</strong> which the<br />

certificate <strong>of</strong> the ENGINEER- IN-CHARGE shall be final).<br />

24.4 All compensation or other sums <strong>of</strong> money payable by the<br />

CONTRACTOR to the EMPLOYER under terms <strong>of</strong> this<br />

CONTRACT may be deducted from or paid by the encashment or<br />

sale <strong>of</strong> a sufficient part <strong>of</strong> his Contract Per<strong>for</strong>mance Security or<br />

from any sums which may be due or may become due to the<br />

CONTRACTOR by the EMPLOYER <strong>of</strong> any account whatsoever<br />

and in the event <strong>of</strong> his Contract Per<strong>for</strong>mance Security being<br />

reduced by reasons <strong>of</strong> any such deductions or sale <strong>of</strong> a<strong>for</strong>esaid,<br />

the CONTRACTOR shall within ten days thereafter make good in<br />

cash, bank drafts as a<strong>for</strong>esaid any sum or sums which may have<br />

been deducted from or realised by sale <strong>of</strong> his Contract<br />

Per<strong>for</strong>mance Security, or any part there<strong>of</strong>. No interest shall be<br />

payable by the EMPLOYER <strong>for</strong> sum deposited as Contract<br />

Per<strong>for</strong>mance Security.<br />

24.5 Failure <strong>of</strong> the successful bidder to comply with the requirements <strong>of</strong><br />

Page 71 <strong>of</strong> 158

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