Para 9.6.7 — GOODS_MANUAL

9.6.7 Storage and Issue of Inspected Goods After satisfactory inspection and tests, the accepted materials should be stamped, labelled, marked, or sealed and stored systematically. This is to facilitate easy retrieval at a later stage. As all goods needed or procured cannot be consumed at one point of time, storage is an inevitable process. The storage system forms the key component of any materials management system. It should be ensured that the goods are stored in such conditions that they are protected against unauthorised removal and deterioration.

9.7. Contract Administration 9.7.1 Performance Security 1. The Contractor must maintain the Performance Security of the required amount in a specified format during the currency of the Contract. In the event of any amendment issued to the contract, the contractor shall furnish suitably amended value and validity of the Performance Security in terms of the amended contract within twenty-eight days of the issue of the amendment.

2. If the contractor during the currency of the Contract fails to maintain the requisite Performance Security, it shall be lawful for the Procuring Entity at its discretion to either terminate the Contract for breach of contract and avail any or all contractual remedies or without terminating the Contract, recover from the contractor the amount of such security deposit by deducting the amount from the pending bills of the contractor under the contract or any other contract with the Procuring Entity or the Government or any person contracting through the Procuring Organisation or otherwise.

3. The Procuring Entity shall be entitled, and it shall be lawful on his part, to deduct from the performance securities or to forfeit the said security in whole or in part in the event of:

a) Any default, failure, or neglect on the part of the contractor in the fulfilment or performance of the contract under reference or any other contract with the Procuring Organisation; b) for any loss or damage recoverable from the contractor which the Procuring Entity may suffer or be put to for reasons of or due to the above defaults/ failures/ neglect; c) and in either of the events aforesaid to call upon the contractor to maintain the said performance security at its original limit by making further deposits, provided further that the Procuring Entity shall be entitled, and it shall be lawful on his part, to recover any such claim from any sum then due or which at any time after that may become due to the contractor for similar reasons.

4. The performance security should be refunded to the contractor without interest after he duly performs and completes the contract in all respects but not later than 60(sixty) days of completion of all such obligations, including the warranty under the contract. No claim shall lie against the Procuring Entity regarding interest on cash deposits or Government Securities or depreciation thereof. The senior officers should monitor the return of Bid/ Performance Securities, and delays should be avoided. If feasible, the details of these securities may be listed in the e-Procurement Portal/ website of the Procuring entity to make the process transparent and visible.