Release of Security Deposit/ Bank Guarantee to Contractor
Public Works, Security Deposit 👁️ 256
The Bank Guarantee, now pledged in the form of Security Deposit will be released to the contractor in the following manner, if not forfeited under conditions of contract.Government of West Bengal
Law & Arbitration Cell
Public Works Department
No. 5951-PW/L&A/2M-175/2017 Date: 02.11.2017
NOTIFICATION
The Defect Liability Period of different projects have been revised vide Notification No. 5784-PW/L&A/2M-175/2017 dated 12.09.2017 in supersession of earlier Notification No. 177-CRC/2M-57/2008 dated 17.07.2012.
Consequent upon these changes, there is a need to modify the existing provision of Bank Guarantee as provided vide clause no. 4 of Notification No. 52-CRC/2M-06/2014 dated 27.10.2014 to align these with new Defect Liability Period norms.
Now therefore the Governor is pleased to modify the clause no. 4 of Notification No. 52-CRC/2M-06/2014 dated 27.10.2014.
| Please read | In place of |
| The Bank Guarantee, now pledged in the form of Security Deposit will be released to the contractor in the following manner, if not forfeited under conditions of contract –
(a) For work with three months Defect Liability Period: i. Full amount shall be refunded to the contractor on expiry of three months from the actual date of completion of the work. (b) For work with one year Defect Liability Period: i. Full amount shall be refunded to the contractor on expiry of one year from the actual date of completion of the work. (c) For work with three years Defect Liability Period: i. 30% of the same shall be refunded to the contractor on expiry of two years from the actual date of completion of the work; ii. The balance 70% of the same shall be refunded to the contractor on expiry of three years from the actual date of completion of the work; (d) For work with five years Defect Liability Period: i. No amount shall be refunded to the contractor for first 3 years from the actual date of completion of the work; ii. 30% of the same shall be refunded to the contractor on expiry of four years from the actual date of completion of the work; iii. The balance 70% of the same shall be refunded to the contractor on expiry of five years from the actual date of completion of the work; | The Bank Guarantee, now pledged in the form of Security Deposit will be released to the contractor in the following manner, if not forfeited under conditions of contract –
i. 30% of the same after expiry of 1 (one) year from the date of issuance of completion certificate of work. ii. Further 30% of the same after expiry of 2 (Two) years from the date of issuance of completion certificate of work. iii. The balance 40% of the same after expiry of 3 (Three) years from the date of issuance of completion certificate of work. |
The remaining portion of the Notification No. 52-CRC/2M-06/2014 dated 27.10.2014 shall be unaltered.
This bears concurrence of Group-T of Finance (Audit) Department vide their U.O. No. 417 Dated 22.08.2017.
This Notification will take immediate effect.
All concerned are being informed.
By order of the Governor
Sd/- Indevar Pandey
Principal Secretary
Public Works Department