GCC - PG

Within how many days must the successful bidder submit a PG from the date of issue of the Letter of Acceptance (LOA)?

• a) 7 days
• b) 14 days
• c) 21 days
• d) 30 days

What is the penal interest charged for delays in submitting the PG beyond 21 days?

• a) 6% per annum
• b) 8% per annum
• c) 10% per annum
• d) 12% per annum

What happens if the PG is not submitted within 60 days?

• a) The contract is suspended
• b) The contract is liable to be terminated
• c) The contract is extended
• d) Nothing happens

What percentage of the original contract value should the PG amount to?

• a) 2%
• b) 5%
• c) 7%
• d) 10%

When must the PG be submitted?

• a) Before the LOA is issued
• b) After the LOA is issued but before signing the contract agreement
• c) After signing the contract agreement
• d) During the contract performance

For how long should the PG be valid?

• a) Up to the stipulated date of completion
• b) Up to the stipulated date of completion plus 30 days
• c) Up to the stipulated date of completion plus 60 days
• d) Up to the stipulated date of completion plus 90 days

When will the PG be released?

• a) After the financial completion of work
• b) After the physical completion of work
• c) After the project's final approval
• d) After the contractor's final payment

What happens if the contract is rescinded?

• a) The PG will be refunded
• b) The PG will be encashed
• c) The PG will be held indefinitely
• d) The PG will be transferred to another project

Under which specific circumstances can the Engineer make a claim under the PG?

• a) Contractor's failure to extend the PG's validity
• b) Contractor's failure to pay the President of India any due amount
• c) Contract is determined or rescinded under specific contract clauses
• d) All of the above

Does the value of the PG change due to subsequent variations in the original contract value?

• a) Yes
• b) No