buyer within
seven days of the receipt of an acceptable performance Bank
Guarantee. (f) The performance Bank guarantee (PBG) was to
be by any Indian ... itself the
appellant did furnish a performance bank guarantee for $
29,28,000 and upon bank guarantee being furnished, the
Government of India assigned
Four Advance Bank Guarantees, for a total value of
approximately ₹ 38.06 crores, and one Performance Bank Guarantee,
for ₹ 23.55 crores, were furnished by the petitioner ... Contract. The Advance Bank Guarantees
are valid up to 1st May, 2021, and the Performance Bank Guarantee is
valid till 24th June, 2021.
7. Various
Credit for US $ 2
million. The KSS therefore did not issue performance bank guarantee
(PBG) of 12.2% i.e. US$ 2.9 million ... that as the KSS had failed to furnish a
Performance Bank Guarantee for 12.20%, the VML was entitled to
withhold 12.20% of the contract value
performance bank guarantees
i.e. dated 9th October 2006 concerning northern sector to the tune of
Rs.1,07,203/- and another performance bank guarantee ... form
of Two Bank Guarantees as per details given below towards
performance under this CONTRACT.
a) Performance Bank Guarantee
terms of the performance guarantee are very wide. The performance guarantee is a distinct and separate contract to which only the bank and the exporter ... under the guarantee. The plaintiff manufacturer at whose instance this performance guarantee was executed knew that under the terms of this performance guarantee the exporter
obligations, but the
performance guarantee is in the form of a Bank Guarantee. The bank
guarantee being independent, must be seen in its entirety ... made and the subject bank guarantee. Before
proceeding further, we must consider the bank guarantee in this case. The
bank guarantee in this case
stages and the final payment was to be made against their performance bank guarantee and on completion of performance test of the boilers, as stipulated ... material delivered by the contractor, performance parameters are not achieved, the appellant was free to encash the Performance Bank Guarantee to be received from
dispute between the parties is on the encashment of the
Performance Bank Guarantee by the petitioner, which the petitioner has
encashed in part, relying upon ... lead to an equal extension
in the Scheduled Commissioning Date.
3.3 Performance Bank Guarantee
3.3.1 The Performance Bank Guarantee to be furnished
under this Agreement
whole all the specified
experience requirements.
(vi) Sub-contractor shall submit Performance Bank
Guarantee equivalent to 5% of value of Work sublet in
addition ... submission of performance
bank guarantee from Y2G was a pre-requisite for signing of the
contract. The said bank guarantee having not been submitted
down payment,
bank guarantee and performance bank guarantee. As stipulated, FGIPL issued the
Down Payment Bank Guarantee and Performance Bank Guarantee in favour of
TCTPL ... Bank
Guarantee in the ITDC case. Firstly the contractual provisions were not
incorporated into the Bank Guarantee and secondly, clauses in the present Bank
Guarantee
