Advertisement. Corporation Bank, Zonal Office

Transcription

1 Advertisement Corporation Bank, Zonal Office Offers are invited from reputed agencies for providing Security Guards for ATM sites falling under Tiruchirapalli Zone, Tamil Nadu. Service Providers holding license issued by Govt. of Tamil Nadu under PSARA-2005 Act should submit their application for outsourced activity. Tenders as per supplied formats along with relevant supporting documents are to be submitted to the following address:- The Deputy General Manager, Corporation Bank, Zonal Office, 174, Sivasakthi Complex, 10 th Cross (West), Thillai Nagar Tiruchirapalli Tamil Nadu Tenders should reach this Office latest by by pm. Super scribe the tenders as "TENDERS FOR EMPANELMENT OF SECURITY AGENCIES FOR PROVIDING ATM SECURITY GUARDS. Bank reserves the right to accept or reject any or all tenders and also cancel the tender process. For details and formats please refer to our Bank website Technical bids will be evaluated at Zonal Office, Tiruchirapalli on and only the financial bids of technically qualified bidders will be opened on the same day / next day depending on the number of participating bidders.. Deputy General Manager

2 Annexure I Corporation Bank Zonal Office GENERAL INSTRUCTIONS FOR BIDDERS 1. Quotations are invited under two bid systems i.e. Technical Bid and Financial Bid, to be submitted as per the format enclosed in Annexure III and IV of this document. These will be put in separate sealed covers super scribed respectively as Technical Bid and Financial Bid. Both sealed envelopes should be put in another sealed cover super scribed as Quotation for providing Security Guards on Contract. 2. The Earnest Money Deposit (EMD) amounting to Rs. 2,00,000 (Rs Two Lacs Only) refundable (without interest), should be necessarily submitted along with the Technical Bid of the PSA in the form of Demand Draft, from any of the Scheduled Bank drawn in favour of Corporation Bank payable at Tiruchirapalli and valid for a period of 60 days. Bids not accompanied by EMD or without proper validity will be summarily rejected. 3. The selected PSA/s shall have to deposit in Security Deposit, amounting to 10% of the contract value before commencement of the contract. The security deposit will have to be furnished in the form of Demand Draft infavour of Corporation Bank. The security deposit shall be held by respective ZO till the validity of the contract. 4. The PSA is required to enclose notarized photocopy of documents required to be submitted with Technical bid. 5. Bids submitted after the due date shall not be accepted under any circumstances whatsoever. 6. Conditional Bid shall not be considered and shall be rejected at the very first instance. 7. The EMD will be forfeited if the PSA rescinds after accepting the offer. 8. The PSA should include the list of Public Sector Banks/Private Banks/Reputed Private Sector companies whom they have provided security services for the past 5 years, along with name, phone/fax number of the contact person and also list of current running contracts as given in Annexure III of this document. 9. All entries in the bid form should be legible and filled clearly. If the space for furnishing information is insufficient, a separate sheet duly signed by the authorized signatory may be attached. No overwriting/striking is permitted. Overwriting /striking if any, in the Technical Bid must be initialed by the person authorized to sign the bid. 10. The envelope containing Technical Bid shall be opened on the scheduled date and time as given, in the presence of Directors/Proprietors/Authorized representatives of PSAs, who wish to be present.

3 11. Technical Bids will be evaluated by the T.O.C constituted by the Bank. The T.O.C may call for a technical presentation by the PSAs, which will include verifying the financial turn-over, registration certificates, legal, financial, statutory, taxation and other associated compliance of contract conditions. The T.O.C., may evaluate/verify the performance of the PSA at any of their existing contracts which may include obtaining references /or visiting the clients and the quality of services rendered by the PSA etc. 12. The Financial bid of technically qualified PSAs will only be opened on at pm and at am at Corporation Bank, Zonal Office, Tiruchirapalli in the presence of Directors/Proprietors/Authorized representatives of such shortlisted PSAs, who wish to be present. 13. The contract is initially for a period of one year, which will be reviewed at the end of the year and may be extended to a further period of two years or more, as deemed fit by the Bank. 14. Bank reserves the right to amend or withdraw any of the terms and conditions contained in this Bid Document or reject any or all Bids without giving notice or assigning any reason there for. The decision of the Bank, in this regard shall be final and binding on all concerned. X

4 Annexure II Corporation Bank Zonal Office ESSENTIAL REQUIREMENTS OF THE BIDDING PSAs The bidder should fulfill the following technical specifications: 1. The bidding PSA should be registered with the appropriate registration authorities (Labour Department etc.). 2. The bidder PSA should be registered with Income Tax, Service Tax and appropriate authorities under Employees Provident Fund and Employees State Insurance Acts. 3. The bidder PSA should; a. Qualify as per extant guidelines, to provide Security Services in any Government/Public Sector Banks / Undertakings / Reputed Private Sector Companies. b. Have at least three running contracts with minimum 100 security guards altogether, in various states/ locations (Proof is required to be submitted with Technical bid itself). c. Have at least more than 50 guards deployed with single client, with whom the contract is in force (Proof is required to be submitted with Technical bid itself). 4. The bidder PSA should have minimum Rs.2 Cr (Rs. TwoCrores) annual financial turnover for last three years (Audited Balance sheet required. Provisional Balance sheet certified by the Chartered Accountant for the current year may be accepted). 5. The bidder PSA should have the licence to engage in the business of Private Security Agency as per provisions of the Private Security Agencies (Regulation) Act, 2005 (A Central Act 29 of 2005) [PSARA 2005] and Rules made by thestate/s, where the bidder PSA proposes to offer his services and should have a well-established Registered Office or Branch Office with full infrastructure in those States. 6. The bidder PSA should be able to provide security guards, with minimum educational qualifications of 10 th class, but not have passed PUC or 10+2, aged not above 50 years. 7. The bidder PSA should have credible supervisory infrastructure. 8. The bidder PSA should have effective infrastructure for training of security guards. 9. The PSAs would be considered based on the performance, training facilities, standing in the field and confidential opinion obtained by the Bank from their existing clients, etc. 10. Right to place the orders to multiple PSAs:

5 a) It is absolutely essential for the PSAs to quote correctly and unambiguously, at the time of submitting the Bid, as the Bank will not enter into any negotiation during the scrutiny/processing of the Technical part. b) Splitting the order between L1 and L2 or among L1, L2 and L3 The Bank reserves its right for splitting the quantities between two or three PSAs. The splitting of work order will be in 60:40 ratios in case of splitting of order between two PSAs and in 50:30:20 ratios provided L-2, L3 agrees to rates quoted by L-1 PSA and agree for all terms and conditions. In case L-2 PSA is not willing to match L-1 rates, the Bank will call L-3, L-4 PSA etc., in that order. In the event of L-3, L-4 etc., PSAs not matching the L-1 rates the entire work order may be awarded to L-1. The decision of BANK will be final in this regard. 11. The Financial Part of the Bidderswho s Technical Part is found to be deficient and those of the Bidders who do not meet the eligibility criteria as specified in the document, will be returned unopened, against acknowledgement. Financial Part of shortlisted Bidders will be opened on at pm and at am. EMD to all Bidders who are disqualified in Technical Part shall be returned against acknowledgment. 12. Bidders should affix their signature/seal in all pages of documents unfailingly. All overwriting shall be authenticated; else it may lead to rejection of the bid of the affected PSA. X

6 Corporation Bank Zonal Office Annexure II TERMS AND CONDITIONS 1. The contract is initially for a period of one year. The contract will be reviewed yearly, and may be extended for a further period, as deemed fit by the Bank. The requirement of security guards may vary according to the need & may be reviewed/ reduced/enhanced as and when required. 2. The contract can be terminated before the expiry of contract period owing to deficiency in service or substandard quality of service provided by the PSA. Further, Bank reserves the right to terminate contract at any time by giving one month s notice, without assigning any reason whatsoever. 3. The selected PSA shall not be allowed to transfer, assign, or sub-contract its rights and liabilities under this contract to any other agency. 4. The selected PSA shall obtain and produce licence under the The Contract Labour (Regulation & Abolition) Act 1970 from the Labour department. The PSA shall maintain and if necessary submit to the Bank, for inspection on demand, the records such as Muster roll, Payment register etc. 5. The selected PSA will be bound by the details furnished by them to Bank, while submitting the bid or at subsequent stage. In case, if any of such document/s furnished by the agency is found to be false, it would amount to breach of terms of contract and the PSA will be liable for legal action besides termination of contract. 6. The selected PSA shall ensure that the security guards deployed at ATM sites conform to the STANDARDS prescribed in the Private Security Agencies Rules framed by the State Governments. 7. The selected PSA shall furnish the following documents in respect of each security guard deployed, before the commencement of contract : (I) (II) (III) List of trained security guards identified/selected by agency for deployment with Bio data i.e., date of birth, age, qualification address etc. Training certificate in From IV issued by training /institute /organization. Certified copy of the character certificate in Form III. 8. In case, the security guard deployed by the selected PSA commits any act of omission / commission resulting in loss/damage to the Bank, the selected PSA shall take appropriate disciplinary action against such personnel immediately on being brought to their notice, failing which it would amount to breach of contract and may lead to termination of contract. The Bank is also not precluded from taking action on its own against the security guards and the selected PSA if the act and omissions of the security guard result in loss/damage as aforesaid. 9. The selected PSA shall provide proper uniform and identity card in Form IX to the security guard deployed at the ATM sites having the photograph of the person and personal information such as name, designation, address and identification mark etc.

7 10. The selected PSA shall designate/deploy a field officer at its own cost who would regularly interact with officers of the Bank for better co-ordination, utilization of services, optimal manpower deployment etc., could be addressed. 11. It will be the responsibility of the selected PSA to provide accommodation, transport, food, medical and any other requirement of their personnel deployed. The Bank will have no liability what so ever in this regard at any stage. 12. Payment of bills will be made to the selected PSA on a monthly basis as per actual services. The PSA has to submit invoice/bill in the first week of the succeeding month for the services rendered in the preceding month. Wages of the deployed security guards shall be credited to the individual s Bank account, as per salary slip issued by the selected PSA. 13. Bank reserves the right to amend or withdraw any of the terms & conditions contained in the Bid Document or to reject any or all bids without giving notice or assigning any reason. The Zonal Head is the final authority for settling any dispute/s and his decision in this regard shall be final and binding on all. 14 The security guards of the selected PSA shall be required to work in 1/3 shifts of 8 hours duration (excluding lunch / dinner recess) on all seven days with staggered weekly off. 15. The security guard deployed shall be required to report for work at specified shift duty hours and remain in the designated post till the end of the shift. In case, any post is vacant on any shift/day, the selected PSA shall immediately provide replacement. In case the PSA fails to provide replacement, the wages for that shift/day shall be deducted, on pro rata basis and PSA is liable to make good the financial/other losses suffered by the Bank. 16. The security personnel should (a) (b) (c) Be of age group between 22 and 50 years. Have knowledge of at least two of the three languages- local/hindi/english is essential. The security supervisors should have at least three years experience, should be a matriculate, physically fit and should be able to read & write in English. 17. The Bank s authorized signatory will screen the security guard deputed/deployed, including various educational/character certificates. No security guard should have been involved in any crime/or a history sheeter anywhere in the country. 18. The duty hours should not exceed eight hours at a stretch. Continuous shifts by the same person should be avoided and no post should remain unmanned. Odd duties/shifts may be required according to exigencies, which are to be provided by the PSA. 19. Items of equipment - whistle, torch, uniform including rain coat, jersey etc., - for efficient discharge of duty by the personnel shall be provided by the selected PSA (at their own cost) and should be in good presentable condition. 20. The selected PSA shall arrange to safeguard men & material and the interest of the Bank at ATM sites by posting its security guard in such a manner and time to assure the Bank that its interest are fully and wholly safe guarded. This includes assisting the Bank in first-aid and fire safety operations as may be deemed necessary.

8 21. The selected PSA shall ensure good behaviour, conduct, application and discharge of duty of security guards engaged by them. They shall perform their duties effectively and diligently in accordance with the general procedure laid down by the Bank from time to time. 22. For all intents and purposes, the selected PSA shall be the Employer within the meaning of various Labour Legislations in respect of security guards so employed and deployed at Bank s ATM sites for guarding, on contract. 23. The selected PSA shall alone, be solely responsible for redressal of grievances/ resolving of disputes relating to guards deployed. Bank, shall in no way, be responsible for any damages, losses, FINANCIAL or other injury claims to any security guard deployed by the PSA in the course of his performing the functions/duties, or for payment towards any compensation. 24. The security guards deployed by the selected PSA shall not have any claim of Master and Servant relationship vis-à-vis Corporation Bank. They also shall not have any Principal and Agent relationship with or against the Bank. 25. The security guards of the selected PSA shall not be treated or considered as employees of the Bank under any circumstances. 26. The security guards deployed by the selected PSA under contract shall not be entitled for claim, pay, perks and other facilities which may be admissible to casual, part time/ confirmed employees of the Bank, during and/or after expiry of the contract. In case of termination of the contract also, the security guards deployed by the PSA shall not be entitled to any or /and will not have any claim for absorption or relaxation for absorption in the regular / otherwise, in any capacity in the Bank. 27. The selected PSA shall alone be liable to pay compensation for any damage/death /injury sustained by the security guard or any other member of the selected PSA as sustained by them in the course of their work/duty at the ATM sites during the contract period. 28. In the event of theft, pilferage or damage to the Bank s property, after necessary investigations, if proved beyond doubt that the PSA/their security guards are responsible, the selected PSA shall be responsible and make good all the losses /damage. 29. The selected PSA will be required to pay minimum wages as prescribed under the Minimum Wages Act for Central sphere. The PSA will maintain proper record as required under the Law / Acts. They shall produce the records on demand to the concerned authority of the Bank or any other authority under Law. 30. The selected PSA will be responsible for compliance of all statutory provisions relating to Employees Provident Fund, and Employees State Insurance etc. in respect of the security guards deployed at ATM sites of the Bank. 31. The selected PSA shall also be liable for depositing all taxes, levies, cess etc. from time to time as per the rules and regulations in the matter. 32. Tax shall be deducted at the source (TDS) as per the provisions of the Income Tax Department by the Bank and a certificate to this effect shall be provided to the PSA by the Bank.

9 33. In case, the selected PSA fails to comply with any statutory/taxation liability under appropriate law, and as a result thereof, if the Bank is put to any loss/obligation, monetary or otherwise, Bank will be entitled to recover such damage/loss/deemed loss, either out of the outstanding bills or from the Security Deposit of the PSA. 34. The selected PSA will indemnify the Bank from all legal, financial, statutory, taxation and any other liabilities. 35. The selected PSA is required to execute an agreement as per the approved format of the Bank immediately on award of the contract. 36. The Technical Part of the bid should be submitted along with an Earnest Money Deposit (EMD), failing which the bid shall be rejected outright. 37. The proof of the annual turn-over for the previous years in the form of audited balance sheet or statement of accounts shall be provided, failing which the bid shall be rejected outright. 38. The EMD in respect of the PSAs who do not qualify the Technical Part (First Stage) shall be returned to them without any interest. However, the EMD, in respect of the selected PSA may be adjusted towards the Security Deposit. Further, if the PSA fails to deploy security guards against the initial requirement within 15 days from date of awarding the contract, the EMD shall be forfeited without giving any further notice and the contract will be terminated and Bank shall be at a liberty to award the contract to other PSA at its sole discretion without assigning any reason whatsoever. 39. The rates agreed upon, except the Minimum wages and service tax as notified from time to time by the Central Government, shall remain unchanged until the expiry of contract period or till they are amended by the Bank. 40. The selected PSA shall submit the bill along with attendance sheet (duly verified and attested by the authorized signatory) in respect of the security guards deployed in the first week of the subsequent month. Payment will be released within a week from the date of submission of such bills complete in all respects. 41. The claim in bills regarding service tax etc. should be necessarily accompanied with documentary proof pertaining to the concerned month s bill. A requisite portion of the bill / whole of the bill amount will be held up till such proof is furnished, at the discretion of the Bank. Payment of the bill will be effected only on production of copy of the previous month s wage sheet, ESI & EPF remittance with nominal roll of the security guards and half yearly/yearly return under the respective Acts. 42. In case of breach of any terms and conditions attached to this contract, and or resulting in loss of property / cash, agency will compensate the same to the Bank within two weeks from the date of incidence, failing which the Security Deposit of the PSA will be liable to be forfeited besides annulment of the contract. X

10 Annexure III Corporation Bank Zonal Office TECHNICAL BID (To be enclosed in a separate sealed envelope) For providing Security Guards on Contract. PASSPORT PHOTO OF OWNER/ PROPRIETOR/ DIRECTOR OF THE PSA SN DETAILS REMARKS 1 Name of the PSA (Attach notarized certificate of registration/ incorporation) 2 Name of Proprietor/Director/s of PSA 3 Full Address of Registered Office 4 Telephone No. : 5 Fax. No 6 Address 7 PAN / GIR /TIN No. (Attach Notarized Copy) 8 Labour Regn. No. (Attach notarized Copy) 9 Service Tax Regn. No. (Attach notarized Copy) 10 E.P.F. Regn. No. (Attach notarized Copy) 11 E.S.I. Regn. No. (Attach notarized Copy) 12 PSARA 2005 licence No/s. (Attach separate Notarized Licence for respective State) 13. Financial turnover for the five financial Years (Attach separate sheet if space provided is insufficient) Financial Year Amount (Rs. In Crores) Remarks Give details of the major contracts/clients executed by the bidder PSA at any Public Sector Banks/Private Banks/Reputed Private Sector Companies during the past five years in the following format. Copies of work order should be attached as proof.

11 14.1 Completed Contracts (Major only) SN Name& address of the client, with details of contact person, name / telephone/fax No. No of Guards deployed (If the space provided is insufficient, a separate sheet may be attached) Contract Value Duration of Contract From To 14.2 Current Contracts SN Name& address of the client along with details of contact person, name /telephone/ FAX numbers No of security personnel provided Contract Value Duration of Contract From To 15. Details of Earnest Money Deposit: Name of the Bank, D.D. No., Date & Amount: 16. Please specify the minimum lead time required from the date of receipt of Work order for initial deployment 17. Additional information, if any (Attach separate sheet, if required). PLACE : SIGNATURE OF THE BIDDER DATE : SEAL

12 Corporation Bank Zonal Office Annexure IV FINANCIAL BID 1. Name of the PSA 2. Rates are to be quoted in accordance with the Minimum Wages notified by Chief Labour Commissioner (Central)[and not the State Government] for Watch & Ward under Central sphere, per month basis and other bye laws applicable (inclusive of all statutory liabilities, taxes, etc.). SN PARTICULARS 1 Wages (Basic +VDA) 2 P F (%) 3 EDLI (%) 4 Administrative Charges (%) 5 E S I (%) 6 Sub Total A ( ) 7 Reliever 1/6 th of 6 above 8 Sub TotalB(6+7) 9 Service Charges (% age) 10 TOTALC(8+9) (Amt in Rs.) Per Security Guard Area A Area B Area C 11 GRAND TOTAL REMARKS: Please note that the service charges should not be less than 8% and should not exceed 14%. Financial Bid not meeting this criterion will be summarily rejected without assigning any reasons thereof, which please note. Note: Service Tax as applicable shall be extra. Charges for Uniform and other accessories issued to the security guard/ supervisor will not be paid by the Bank. Bonus and Gratuity will not be payable by the Bank. Charges of any other nature, attributing to the performance of the duty by the security guard/s shall be borne by the respective PSA only and cannot be claimed from the Bank, during and/or after the contract. PLACE: DATE: SEAL SIGNATURE OF THE BIDDER

13 Annexure V (Non-Judicial Stamp Paper of requisite value) FORMAT FOR AGREEMENT FOR PROVISION OF SECURITY SERVICES (to be signed by Bidder on award of contract) This Agreement is entered on the YYYYYYYYYY.between Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 having its Corporate Office at Mangaladevi Temple Road, Pandeshwar, Mangalore, having among others a branch office atyyyyyyyy.., hereinafter referred to as the Bank (which expression shall wherever the context so admits means and includes administrators, assignees etc.) AND The Private Security Agency (PSA) M/sYYYYYYY...and having its office at YYYYYYY, hereinafter referred to as the PSA which expression shall wherever the context so admits, means and includes his legal representatives, successors & assignees as the PSA. Whereas the PSA which is a Security Agency providing security services has agreed to provide security Guard to the Bank as per its requirements, as per the terms & conditions set out in the work order. ATM LOCATIONS ( BASE Branch ) Whereas the Bank and the PSA have agreed to enter into a service contract for a period of one year w.e.f till for the purpose of providing security services. Now therefore this agreement witnesseth as under: 1. A Security guard will be deployed for one shift of eight hours at night only as per the Bank s requirement and as per the timing to be decided by the bank on all days. 2. The consolidated monthly charges for one guard will be (RupeesYYYYY) per month, per guard, for eight hours shift plus service tax at the applicable rate, extra as per the minimum wages notified by the Chief Labour Commissioner (Central),Government of India, New Delhi from time to time for Watch &Ward under Central sphere. 3. The security guard should be in the age group between 22 and 50 years and have knowledge of at least two of the three languages- local/hindi/english is essential. 4. The following documents in respect of each security guard deployed should be furnished, before the commencement of contract: 4.1 List of trained security guards identified/selected by agency for deployment with Bio data i.e. date of birth, age, qualification address, photograph etc.

14 4.2 Training certificate in From IV issued by training /institute /organization. 4.3 Certified copy of the character certificate in Form III. 5. The PSA shall provide proper uniform and identity card in Form IX, to the security guard deployed at the ATM sites having the photograph of the person and personal information such as name, designation, address and identification mark etc. 6. The security guard will be provided with baton whistle, torch etc. and other equipment necessary to perform his duties. 7. The PSA shall designate/deploy a field officer at its own cost who would regularly interact with officers of the Bank, for better co-ordination, utilization of services, optimal manpower deployment etc., could be addressed. He shall also sign the Security Duty Register at the ATM Site. 8. The security guard will report for the duty punctually at the ATM Site and he will function diligently and will not leave the ATM site during his shift. 9. At no point of time during the above-mentioned 8-hour duty, the security guard will leave his duty area. The PSA will arrange to send a substitute whenever the regular guard(s) is (are) absent on leave, etc. 10. The PSA shall maintain up to date record of guard as per the relevant Acts in force and will also provide his/their EPF, ESI etc. as applicable under the Act. The required attested copies should be submitted to our office on a monthly basis along with copy of their salary slips for our records. Non-compliance of the above will be treated as deficiency in the service and may result in premature termination of the contract. Penalties, dues etc., if imposed by the government/appropriate authorities, shall be recovered from the PSA. 11. The PSA will provide third party insurance cover to the security guards. 12. The PSA shall comply with all the provisions, laws of the land applicable while providing security guards to the Bank. 13. The PSA will take full responsibility for all Acts of Commission and/or omissions by the security guards posted at the ATM sites and meet all liabilities arising out of a situation created by the security guards. 14. The PSA will change the security guard immediately on instructions from the Branch Head, if the posting of that particular guard in the Bank is not acceptable. 15. Neither the PSA nor any of their security guards will have any claim against the Bank for any liability arising out of any commission/omission caused by the security guard while on duty at the ATM site except the compensation payable to PSA in Point 2 above, for the security guards taking preventive action against any criminal act against the ATM Site. 16. Duties of the security guard at the ATM site to be framed by the PSA and signature of the security guard to be obtained having understood his/their duties. The same may be held in your records for

15 checking of duties by your Security Supervisor. A copy in an understandable language may be made and handed over to the security guard under acknowledgement. 17. In the event of the ATM site, left unattended by the security guard, no payment will be made for that particular shift, and Bank will be at liberty to deduct the wages for that shift/day, on pro-rata basis and PSA is liable to make good the financial/other losses suffered by the Bank. 18. In the event of any cash loss at the ATM or ATM Site by any customers within the ATM premises due to negligence of your security guard or due to dereliction of duty or in-attentiveness of your security guard, the PSA will agree to redeem the loss fully. 19. While changing the security guards, which may be done once in 6 (six) months, prior information should be given to the Branch Head. 20. The PSA shall also furnish to the Bank the proof of having paid the wages to the security guards engaged within one week of the disbursement of the wages to them. Payment will be by means of credit to their bank account. Wage slip/pay slip will be issued to security guards without fail. 21. An onsite inspection of the PSA by the Bank s internal/external auditors/rbi officials may be carried out during the contractual period and PSA shall also submit their audited Balance Sheet for perusal by the auditors. 22. The Bank and the PSA shall make every effort to resolve amicably, by direct informal negotiation, any disagreement or dispute arising between them under or in connection with the contract. If, after thirty days from the commencement of such informal negotiations, the Bank and the PSA have been unable to resolve amicably a contract dispute; either party may require that the dispute be referred for resolution by formal arbitration. 23. All questions, disputes or differences arising under and out of, or in connection with the contract, shall be referred to two Arbitrators :one Arbitrator to be nominated by the Bank and the other to be nominated by the PSA. In the case of the said Arbitrators not agreeing, then the matter will be referred to an Umpire to be appointed by the Arbitrators in writing before proceeding with the reference. The award of the Arbitrators and in the event of their not agreeing, the award of the Umpire appointed by them shall be final and binding on the parties. The Arbitration and Reconciliation Act 1996 shall apply to the arbitration proceedings and the venue of the arbitration shall be... (Enter place). 24. The PSA notwithstanding the dispute shall continue to provide the services, till the Resolution of Dispute. 25. The agreement with the PSA can be terminated at the discretion of the Bank at one months notice. BRANCH HEAD Name (Branch Seal) Signature

16 WE ARE AGREEABLE TO THE ABOVE TERMS AND CONDITIONS: For M/s (Authorised Signatory along with sealof the PSA) Name Signature (Each and every page of this agreement to be duly signed and stamped by both the parties i.e., Bank Branch& PSA)