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months of the completion of the works 75% of the amount of the Security moneycan be refunded with the prior approval of the authority next higher to the personaccepting the contract on behalf on the Government.All compensation or other sums of money payable by the contractor toGovernment under the terms of this contract may be deducted from or realized bythe sale of a sufficient part of his security deposit, or from the interest arisingtherefore or from any sum which may be due or may become due to thecontractor by Government or on any account what so-ever and in the event of hissecurity deposit being reduced by reason of any such deduction or sale asaforesaid, the contractor shall within ten days thereafter made good in cash ofGovernment Securities endorsed as aforesaid any sum or sums which may havebeen deducted from, or raised by sale of his security deposit or any part thereof.EXPLAATIO – For the purpose of this clause if the Work under thiscontract includes construction, reconstruction or repair of any structure havingroof over it, the whole work will be classed as building work.Compensationfor delayCompensationfor delayCLAUSE 2 – (A) Time is the essence of the contract. The contractorshall commence and shll complete the work covered by the tender on the datefixed by the …………………… engineer for the commencement andcompletion of such work and shall in the interval between those dates keepthe work upto the schedule of quantities and dates shown in the ProgressStatement to be signed by the contractor and attached to the tender. If thework falls in arrears of the Progress Statement either in quantity or in time,then for every day that the work is so in arrears the contractor shall be liableto pay as compensate ion an amount equal to one percent for such smalleramount as the Engineer ( whose decision in writing shall be final) maydecide, on the estimated cost of whole work provided always that the entireamount of compensation to be paid under the provision of this clause shall notexceed ten percent of the estimated cost of the work as shown in the tender.CLAUSE 2 – (B) To be used instead of 2 (A) when the latter is fromthe nature of the work impracticable]CLAUSE 2 – (B) Time is the essence of the contract. The contractorshall commence and shall complete the work within the period specified inthe tender. Such period shall be reckoned from the date on which the order tocommence work is given to the contractor. The contractor shall at all timesduring such period proceed with the work with due diligence and he shall payas compensation an amount equal to one percent or such smaller as the………………….. Engineer (whose decision in writing shall be final) maydecide on the amount of the estimated cost of the whole work as shown in thetender for every day that the work remains uncommenced, or unfinished afterthe proper dates. And further, in order to ensure, good progress during theexecution of the work the contractor shall be bound in all cases in which thetime allowed for any work exceeds one month, to complete one fourth of thevalue or quantity (as the Engineer may determine) of the whole of the workbefore one-fourth of the whole time allowed under the contract has clasped