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{
    "id": 461250,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/461250/?format=api",
    "text_counter": 193,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "The second bank that gave the performance bond guaranteeing the NCPB that, indeed, Erad and General Contracts were able to perform on the contract also gave the same condition that for that performance bond to hold, Erad and General Contracts had to supply the bank with an irrevocable Letter of Credit. The same was never availed. Therefore, the second bank, that is, I&M Bank and Dubai Bank--- Whereas the first bank refused, the I&M Bank which gave the bid bond refused to give a performance bond on the basis that Erad had not supplied the irrevocable Letter of Credit. Dubai Bank went ahead to give that performance bond. At the time, the contract between Erad and NCPB was being signed, you will note from our report that not only had the bid bond and performance bond not been given to the two banks, but also Erad Suppliers knew that The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}