Specifications

32
NLUO PMC CONTRACTOR
SIGNATURE AND SEAL SIGNATURE AND SEAL SIGNATURE AND SEAL
4.0 Liquidated damages:
If the contractor fails to maintain the progress required to complete the work and clear the site including vacating their office
on or before the contracted or extended date or completion without justification in support of the cause of delay or
a. Delay in completion.
b. The defect which suppose to be rectified as per the advice of National Law University Odisha / Project Management
Consultant within the stipulated period.
c. Non specified material.
d. Payment of labour & statutory uses. And he may be called upon without prejudice to any other right of remedy available under
the law to the NLUO on account of such breach to pay a liquidated damages at the rate of 1% of the contract value which
subject to a maximum of 2% of the contract value.
5.0 PAYMENT TERMS & CONDITIONS :
85% of the total R.A. Bill submitted shall be paid within 7 (seven) working days from the date of submission of R.A. Bills to
NLUO with a condition that PMC/PD will certify to pay the amount. The balance payment deducting the necessary statutory
dues shall be paid only after complete verification of Bill by Project Management Consultant & National Law University
Odisha. The rest payment will be made after verification of the bill with in 15days.
6.0 PERFORMANCE GUARANTEE :
The performance guarantee is 5% of the total contract value which is submitted in form of Bank Guarantee from a
Nationalized Bank. Which is valid for 12 (twelve) months beyond the completion period which will be submitted with in the 7
days from the date of agreement as per the Performa enclose.
7.0 Settlement of disputes and Arbitration.
h. Except where otherwise provided in the contract all questions and disputes relating to own connection with the
interpretation, execution or enforcement of the contract shall be refer to arbitration, abolition and conciliation Act 1996.