ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO

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10. INITIAL SECURITY DEPOSIT (ISD) :
On receipt of formal order of acceptance of the tender and before execution of the
agreement with the Corporation, the successful tenderer shall have to deposit a
further amount as ISD, so that the EMD together with ISD will 2% of the value of
order, in shape of crossed Bank Draft/Pay Order/Bankers Cheque from any
Nationalised Bank drawn in favour of “Orissa Industrial Infrastructure Development
Corporation” payable at Bhubaneswar. The same will be released after expiry of the
guarantee period on application.
11. EXECUTION OF AGREEMENT:
The successful tenderer will have to execute an agreement with the Corporation
within 10 (Ten) days of issue of formal order of acceptance of offer after deposited
required amount of ISD failing which the EMD alongwith ISD will be forfeited.
12. TIME OF COMPLETION:
The time of completion of the work shall be 9( nine ) months from the date of issue
of the work order/ Letter of Intent/ Acceptance.
13. PAYMENT:
13.1 Interim payment for the work done by the Contractor will be made on the basis of
measurement of each item recorded in the measurement book by the Engineer incharge
concerned.
13.2 All such interim payments from time to time shall be treated as payment by way of
advance against the final payment only.
13.3 Final payment will be made after completion of the work in all respect and recorded
in the measurement book by the concerned Engineer in-charge .
14. TAX DEDUCTION:
Recovery towards Income Tax, Sales Tax/ Work Contract Tax will be made from
gross amount of each R/A bill at the rates fixed by Government from time to time.
15. PENALTY:Failure to execute the order within the time schedule, tenderer is liable to
pay penalty equal to ½ % (Half percent) of the value of order not executed per week