bangladesh power development board tender document for ... - BPDB

the contract conditions. The Performance Security shall remain valid untilcompletion of warranty period.The proceeds of the Performance Security shall be payable to the Employerunconditionally upon first written demand as compensation for any loss resultingfrom the Contractor’s failure to complete its obligations under the Contract.The Employer shall notify the Contractor of any claim made against the Bankissuing the Performance Security.The Employer may claim against the security if any of the following events occursfor fourteen (14) days or more.(a) The Contractor is in breach of the Contract and the Employer has notified himthat he is; and[(b) The Contractor has not paid an amount due to the Employer.In the event the Contractor is liable to pay compensation under the Contractamounting to the full value of the Performance Security or more, the Employer mayforfeit the full amount of the Performance Security.If there is no reason to call the Performance Security, the Performance Securityshall be discharged by the Employer and returned to the Contractor not later thantwenty-eight (28) days following the date of completion of warranty period.29.0 NOTIFICATION OF AWARDFollowing the evaluation of the Proposals, the Board will issue a Notificaiton ofAward to enter into discussion with the successful Tenderer for the execution ofthe Works. Upon issuance of such Notificaiton of Award by the Board, thesuccessful Tenderer shall submit ten(10) copies of draft Contract and be deemedto be ready to start immediately the discussion with the Board so as to enter intothe Contract.The successful Tenderer have to, to submit acceptance ofNotification of Award in writing within seven (7) day's of issuence of Notificationof Award.30.0 CONTRACT AGREEMENTThe successful Tenderer shall, when called upon to do so, enter into and execute aContract Agreement in the form furnished in Annexure-6, with such modificationsas may be necessary. The signing of the Contract by the Board and the successfulTenderer shall be made in Dhaka, Bangladesh.Five (5) originals of the Contract Agreement complete in all respects shall beprepared by the successful Tenderer on successful completion of discussion. Thesewill be handed over to the Poject Director for final scrutiny together withPerformance Security and Power of Attorney. Upon clearance by the ProjectDirector, the successful Tenderer shall submit the Contract Documents to the Boardfor signing in Dhaka.After signing of the Contract, two (2) original Contract Documents will beforwarded to the Contractor. The Contractor shall thereafter, but not later than 2127