IDCOL FERRO CHROME & ALLOYS LIMITED - Tender

914. ADDITIONAL SECURITY:3% value of progressive, monthly bill of the contractor under the head ‘Additional Security deposit’shall be deducted and kept till completion of the work.No interest will be payable on the above-mentioned ‘Additional Security Deposit’ amount payable tothe contractor under the contract. This amount shall be refunded after completion of the contractperiod and clearance of all dues of workman engaged by him after obtaining no objection certificatefrom the concerned departments.15. SERVICE NOTICE OF CONTRACT:The contractor shall furnish to the management name, designation and address of his authorizedagents and all complaints, notice, communications and reference shall be deemed to have beenduly given to the contractor if delivered to the contractor or his authorized agent or left at or postedto the address so given and shall be deemed to have been so given in the case of Posting on theday on which they would have reached such address in the ordinary course of posting and on theday which they were so delivered or left in case of delivery or leaving at the address, as the casemay be. However, management will not be responsible for non-delivery of letters due to nonavailabilityof the addressee for long absence or any other reasons. In the case contract by partnersany change in constitution of the firm shall be forthwith notified by the contractor to themanagement and management may at its discretion approve such change and allow or disallow thechanged firm to continue the contract.16. CONTRACT PERIOD:The contract period will be from the date to be mentioned in the Letter of Intent upto 2 (two) yearsand the rates quoted in the tender shall remain firm during the contract period. However, themanagement may further extend the contract period for a minimum period of three months at itsdiscretion in the same rate, terms & conditions, which shall be intimated to the contractor in writing.In case the contract period is required to be extended further it will be done on mutual agreement,provided always that on modification of the system in the plant, if any, it is deemed necessary bythe management to abandon the same at any time within 30 (thirty) days notice to the contractorthen the contractor cannot claim any damages on account of such abandonment. If a tendererwithdraws or revokes his tender or revises the tender rates for any item within the original orextended period, his earnest money and / or Security Deposit will be forfeited and consequences ofthe failure and termination as per Clause No.20 will be applicable.Signature of tenderer