Section 41 in Rajasthan Minor Mineral Concession Rules, 2017
41. Performance Security.
(1)The performance security shall be in the form of fixed deposit receipt of nationalized bank or scheduled bank valid for at least three years or national saving certificate and duly pledged in favour of the Mining Engineer or Assistant Mining Engineer concerned or bank guarantee of nationalized bank or scheduled bank in favour of the Mining Engineer or Assistant Mining Engineer concerned as specified in Form -5 or any other form of securities notified by the Government for the due performance of the contract. Fixed deposit receipts shall be made from the bank account of the contractor.(2)The amount of performance security deposit shall be fifteen percent of the annual contract amount.(3)The contractor shall deposit difference amount of performance security within thirty days in proportion to the enhancement of contract amount due to change in rate of royalty or increase in permit fee or other charges etc.(4)Performance security shall be adjusted against departmental dues of the contractor on expiry or cancellation of the contract, if any, otherwise it may be refunded to him by the concerned Superintending Mining Engineer within thirty days of the completion of the contract.
