ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO
ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO
ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO
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30<br />
CONDITIONS OF CONTRACT.<br />
CLAUSE-1:<br />
All compensation of other sum of money payable by the contractor to Corporation<br />
under the terms of this contract may be deducted from , or paid by, the sale of sufficient part<br />
of his security deposit or from the interest arising there from, or from any sums which may be<br />
due or may become due to the Contractor by the Corporation on any account whatsoever<br />
and in the event of his security deposit being reduced by reason of any such deduction or<br />
sales as aforesaid the Contractor shall within ten days thereafter made good in cash or<br />
government security endorsed as aforesaid any sum or sums which may have been<br />
deducted from, or raised by, sale of the security deposit or any part thereof.<br />
CLAUSE-2 : PENALTY FOR DELAY;<br />
Time is deemed to be essence of the contract on the part of the Contractor. The time<br />
allowed for carrying out the work as entered in the tender shall be strictly observed by the<br />
Contractor and shall be reckoned from the date on which the written order to commence the<br />
work is given to the Contractor. On receipt of the work order, the Contractor will give a<br />
schedule of construction and stick to the time schedule during execution. In case he fails to<br />
observe the approved time schedule during the intermediate period of the execution of work,<br />
penalty will be levied and will be recovered @ ½% on the value of work lagging behind for<br />
every week delay in execution of the portion or component of work for which programme is<br />
given in the time schedule.<br />
The penalty thus recovered at different stages may be waived in full or part if the<br />
authorized person of <strong>IDCO</strong> in-charge of the work is satisfied that the Contractor has made<br />
up the delay at subsequent stages and the work proceeds as per original time schedule. The<br />
decision of the authorised officer in charge of the work is final and binding as regards<br />
recovery and waive of penalty at the intermediate stages of the execution of the work.<br />
If the work is delayed at the completion stage the penalty levied can not be<br />
considered unless the work is finished in all respect within the time schedule. The work<br />
should not be considered as finished until such date as the corporation shall satisfy as the<br />
date on which the work is finished after necessary rectification of defects as pointed out by<br />
the Corporation or its authorized officer are fully complied with by the Contractor to the<br />
Contractors satisfaction provided all ways that entire amount of penalty to be paid under<br />
provision of this Clause shall not exceed 10% of the contract value of the work. Penalty<br />
levied for any delay which will occur during the last 3 months of the contract period can not<br />
be considered for waiver by any Authority other than the Chiarman-cum-Manager Direction<br />
of the Corporation. Subject to the consideration that the application for waiver or penalty to the