NORTH EASTERN ELECTRICITY SUPPLY COMPANY OF ... - Nesco

5. SECURITY DEPOSIT :
The selected contractor shall furnish a Security Deposit amounting to 10% of the
annual value of the work order within 15 days of the award of contract ,by
way of Demand Draft in favour of the “North Eastern Electricity Supply Company
of Odisha Ltd.”, on whose behalf the work order has been placed. The Security
Deposit will be forfeited, in case the vendor fails to execute the order to the
satisfaction of NESCO. The Security Deposit amount shall remain with NESCO
till the end of contract plus additional three months and shall not bear any
interest and shall be liable for forfeiture in case of the breach of any terms and
conditions of the Contract.
5.1 The Earnest money already deposited shall be refunded after receipt of Security
Deposit.
5.2 The contractors, to whom the work is awarded shall have to execute an
indemnity bond in favour NESCO , thereby indemnifying the authorities and
staff of NESCO against theft, loss of material, damages of any kind to the
plant and installations, damages to buildings and appurtenances due to any
mishandling/mistakes in operation and maintenance, as this will be the
sole responsibility of the contractor and to be made good by the contractor at
his risk and cost. The contractor is also to declare in the indemnity bond that
he/his firm/his partners shall be held fully responsible for any damages due to
fire caused by any mishandling, mal-operation, or improper maintenance and
replacement of materials of electrical installation, air-conditioning plant and
connected installations and that all such damages will be made good by him/his
firm/his partners at his/their own risk and cost.
5.3 All procedures either technical or security measures as followed in NESCO for
all contractors shall be followed in the case of this contract also.
5.4 The conditions beyond its reasonable control such as, but not limited to,
war, strikes, fires, Flood, governmental restrictions or power failures, damages
etc, shall not be Deemed a breach of the contract.
5.5 Except where otherwise provided in the contract, all questions and disputes
relating to the meaning of the specification, and instruction herein before
mentioned and as to the quality of the materials, services as to any question,
claim, right, matter or thing whatsoever, in any way arising out of or relating to
the contract, specifications, estimates, instructions, orders or these conditions or
otherwise concerning the works, or the execution of the same whether arising
during the process of the work or after the completion or abandonment thereof
shall be referred to arbitration in accordance with the Arbitration and Conciliation
Act,1996 or any statutory modification or reenactment thereof for the time being
inforce. The place of arbitration shall be Bhubaneswar. The arbitral procedure
shall be conducted in English language and any award or awards shall be
rendered in English. The procedural law of the arbitration shall be Indian law.
The award of the arbitrator shall be final and conclusive and binding upon
the parties. The cost of the arbitration shall be borne by the parties in equal
Tender Specification: NESCO/O&M/12, Dt.28.12.12
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