BANGLADESH POWER DEVELOPMENT BOARD TENDER ... - BPDB

13. GENERAL CLAUSES CONCERNING TERMINATION13.1 Termination of the Contract in whole or in part however occasioned shall notaffect or prejudice the provisions of this Clause, the Ownership and Confidentialityof technical Information Clause or limitation of Limitation of liability Clause aboveor the Law and Arbitration Clause.13.2 In case of termination, the LTSA provider shall be entitled to remove immediatelyall equipment belonging to the LTSA provider, which is on site.14. ARBITRATIONAny dispute arising out of the interpretation of application of the terms of thisagreement shall unless mutually settled by direct negotiation between the partiesof the agreement, be resolved through arbitration in accordance with rules of'Arbitration Act'-200 I of Bangladesh. The venue shall be in Dhaka, Bangladesh.15. TERMS OF PAYMENTPayment of contract price for individual service / supply shall be made throughirrevocable letter of credit established in favor of the LTSA provider advised by theBOARD.All bank charges outside Bangladesh shall be borne by the LTSA provider andinside Bangladesh by BPDB.The LTSA provider shall have to bear all such charges inside and outsideBangladesh in case of extension of L/C if done at the request of the LTSAprovider.Unconditional & irrevocable Bank Guarantee against performance security [@10% of quoted price of the plant’s (including generating units and all other BOPs)scheduled maintenance along with supply of spares to be required immediatelyafter expiry of EPC contractor's warranty period] valid up to the contract durationof such scheduled maintenance, shall have to be submitted by the LTSA provider.Bank Guarantee against performance security shall be issued by a schedule Bankin Bangladesh on behalf of the LTSA provider in favor of the procuring entity.Payment against each service (inspection/overhauling of units/BOP)will be made as follows:-a) 10% payment of the relevant services (inspection/overhauling) may bemade to the LTSA provider as mobilization advance after contract effectivedate against an unconditional & irrevocable Bank Guarantee valid for aperiod of at least 1 (one) year. issued by a schedule Bank in Bangladeshon behalf of the LTSA provider.b) 80% payment of the relevant services ((inspection/overhauling)) may bemade to the LTSA provider after issuance of provisional acceptancecertificate (PAC). PAC will be issued after completion of the relevantservices ((inspection/overhauling work) and putting back the units intoGhorasal 200 MW to 300 MW Gas Turbine Peaking Power Plant Project (Vol-2 of 3)220