TENDER NOTICE NO. NESCO/ CAPEX/SUPPLY & INSTALLATION ...

ANNEXURE – III
PROFORMA FOR CONTRACT PERFORMANCE BANK GUARANTEE
(To be executed on Rs. 100/- Non-judicial Stamp Paper purchased in the name of the BG
Issuing Bank)
This Guarantee Bond is executed this day of by us,
Bank at
P.O. P.S. Dist State
Whereas North Eastern Electricity Supply Company of Odisha Ltd.(NESCO) ,Corporate Office,
Januganj, Balasore – 756019, Odisha registered under the Company Act 1956 (here in after
called “Owner”) has placed Work Order No. Dt. (hereinafter called
“Agreement”) with M/s
(hereinafter called
“the Contractor”) for supply and installation of
(description of the works)
and whereas Owner has agreed (1) to exempt the Contractor from making payment of security
deposit, (2) to release 100% payment of the cost of materials as per the said agreement and (3)
to exempt from performance guarantee on furnishing by the Contractor to Owner a composite
Bank Guarantee of the value of 10% (ten percent) of the Contract price of the said Agreement.
1. Now, therefore, in consideration of Owner having agreed (1) to exempt the Contractor
for making payment of security deposit, (2) to release 100% payment to the Contractor and (3)
to exempt from furnishing performance guarantee in terms of the said Agreement as aforesaid,
we the Bank, Address (code No.
) (hereinafter referred to as “the Bank”) do hereby undertake to pay to the Owner an
amount not exceeding Rs. (Rupees )
only against any loss or damage caused to or suffered by the Owner by reason of any breach by
the said Contractor(s) of any of the terms or conditions contained in the said Agreement.
2. We, the Bank do hereby undertake to pay the amounts due
and payable under the guarantee without any demur, merely on a demand from Owner stating
that the amount claimed is due by way of loss or damage caused to or suffered by Owner by
reason of any breach by the said Contractor(s) of any of the terms or conditions contained in
the said Agreement or by the reason of any breach by the said Contractor‟s failure to perform
the said Agreement. Any such demand made on the Bank shall be conclusive as regards the
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