C.V. Nagarjuna Reddy, J.

1. The unsuccessful petitioner in A.O.P.No.669 of 2013 on the file of the learned II Additional District Judge, Visakhapatnam, is the appellant in this Civil Miscellaneous Appeal.

2. We need to state a few relevant facts culminating in filing of this appeal. The appellant, a joint venture company, has successfully bagged the contract work described as Extension of West qua Return end in replacement of existing RCC Lay by Jetty for coastal cargo and berthing of Harbour Crafts and construction of Return end for shore protection at the proposed WQ-8 end in the Northern arm of Inner Harbour of Visakhapatnam Port. For convenience, the said work is hereinafter referred to as the contract work. The respondent has issued a Letter of Intent (LOI) dated 18-9-2010. On 22-9-2010 it has issued the work order as per which the contract period is stipulated as 18 months. A formal contract was executed between the parties on 27-11-2010. As per the contract, the appellant has furnished four Bank Guarantees, the details of which are as under :

1. Bank Guarantee dated 3-6-2010 for a sum of Rs.62,50,200/- towards EMD for due fulfillment of the terms and conditions contai