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56Dy.Ex.Engr.CONDITIONS OF CONTRACTSecurity DepositPWD Resolution No.CAT/1087/CR-94/Bldg.2 dt.14-6-89Security depositPWD Resolution No.CAT/1087/CR-94/Bldg2 dated 21-6-2004Clause -1 – The person/persons whose tender may beaccepted (hereinafter called the contractor, which expressionshall unless excluded by or repugnant to the Context includehis heirs, executors, administrators, assigns) shall (A) withinten days(which may be extended by the SuperintendingEngineer concerned upto 15 days if the SuperintendingEngineer thinks fit to do so ) of the receipt by him of thenotification of the acceptance of his tender deposit withexecutive Engineer in cash of Government securitiesendorsed to the Executive Engineer (if deposited for morethan 12 months) of the sum sufficient which will make up thefull security deposit specified in the tender or (B) ( permitGovernment at the time of making any payment of him forwork done under the contract to deduct such sum as willamount to ___ 4 ___ * percent of all moneys so payable suchdeductions to be held by Government by way of securitydeposit.) Provided always that in the event of the Contractordepositing a lumpsum by way of security deposit ascontemplated at (A) above, then and in such case, if the sumso deposited shall not amount to ___4____ percent of thetotal estimated payment to the contractor for work doneunder the contract to make up the full amount of ___4__percent by deducting sufficient sum from every suchpayment as last aforesaid until the full amount for thesecurity deposit is made u. All compensation or other sumsof money payable for the Contractor to Government underterms of his contract may be deducted from or paid by thesale of sufficient part of his security deposit or from theinterest arising therefrom, or from any sums which may bedue or may become due by Government to the Contractorunder any other contract or transaction of any nature on anyaccount whatsoever and in the event of his security depositbeing reduced by reason of any such deduction or sale asaforesaid, the Contractor shall within ten days thereaftermake good in cash or Government securities endorsed asaforesaid any sum or sums which may have been deductedfrom or referred to, when paid in cash may at the cost of thedepositor, be converted into interest bearing securitiesprovided that the depositor has expressly desired this inwriting.The security deposit will not be accepted in forms ofinsurance company bonds. As per Government orderscontained in no.CCM/PWD/CAT/4250 dated 27.12.1956. Ifthe amount of the security deposit to be paid in a lumpsumwithin the period Specified at (A) above is not paid thetender/contract already accepted shall be considered asSignature of the Contractor No. of Corrections Executive Engineer