Procedure for Release of Security Deposit for Electrical Works
GOVERNMENT OF WEST BENGAL
PUBLIC WORKS DEPARTMENT
WORKS BRANCH
NABANNA, 6th FLOOR, HRBC BUILDING
325, SARAT CHATTERJEE ROAD
P.O. SHIBPUR, HOWRAH – 711 102
Memo No. 874-W(C)/1M-192/2014 Dated: 27th November, 2014.
MEMORANDUM
The undersigned is directed to say that the Governor is pleased to prescribe the procedure for release of security Deposit kept in the form of Bank Guarantees for electrical works in the following manner, if not forfeited under conditions of contract:
| Defect liability period | Release of security deposit (in percentage) |
|---|---|
| Where defect liability period is one year from the works completion date | 100% on completion of defect liability period. |
| Where defect liability period is more than one year from the works completion date. | i) 70% on completion of one year |
| ii) 30% on completion of defect liability period |
This approval is given subject to the following conditions and in continuation of the earlier concurrence given vide U.O. No. 0705, Gr-T dated 13/10/2014:
a. The Bank Guarantee will be issued by the Scheduled Commercial Bank in favour of the State Government on behalf of the contractors.
b. The Bank Guarantee will remain valid for the defect liability period.
c. It will be accepted by the Government after confirmation from the bank.
This order is issued with the concurrence of Finance Department, Gr-T vide their U.O. No. Group-T/2014-15/0749 dated 30/10/2014.
Sd/- Indevar Pandey
Principal Secretary
Public Works Department