Bid Security. 16.1 The Bidder shall furnish as part of its bid, in original form, a bid security as specified in the BDS. In case of e-submission of bid, the Bidder shall upload scanned copy of Bid security letter at the time of electronic submission of the bid. The Bidder accepts that the scanned copy of the Bid security shall, for all purposes, be equal to the original. The details of original Bid Security and the scanned copy submitted with e-bid should be the same otherwise the bid shall be non-responsive. 16.2 The bid security shall be, at the Bidder‘s option, in any of the following forms: (a) an unconditional bank guarantee from Commercial Bank or Financial Institution eligible to issue Bank Guarantee as per prevailing Law or; (b) a cash deposit voucher in the Employer's Account as specified in BDS. In the case of a bank guarantee, the bid security shall be submitted either using the Bid Security Form included in Section IV (Bidding Forms) or in another Form acceptable to the employer. The form must include the complete name of the Bidder. The bid security shall be valid for minimum thirty (30) days beyond the original validity period of the bid, or beyond any period of extension if requested under ITB 15.2. 16.3 Any bid not accompanied by an enforceable and substantially compliant bid security shall be rejected by the Employer as nonresponsive. In case of e- Submission, if the scanned copy of an acceptable Bid Security letter is not uploaded with the electronic Bid then Bid shall be rejected. 16.4 The bid security of unsuccessful Bidders shall be returned within three days, once the successful bidder has furnished the required performance security and signed the Contract Agreement pursuant to ITB 34.1and 35.1. 16.5 The bid security shall be forfeited if: (a) a Bidder requests for withdrawal or modification of its bid, except as provided in ITB 15.2: (i) during the period of bid validity specified by the Bidder on the Bid, in case of electronic submission; (ii) from the period twenty-four hours prior to bid submission deadline up to the period of bid validity specified by the Bidder on the Letter of Bid, in case of hard copy submission. (b) a Bidder changes the prices or substance of the bid while providing information pursuant to clause ITB 24.1; (c) a Bidder involves in fraud and corruption pursuant to clause 3.1; (d) the successful Bidder fails to: (i) furnish a performance security in accordance with ITB 34.1; or (ii) sign the Contract in accordance with ITB ...
Bid Security. Bank Guarantee Bank’s Name, and Address of Issuing Branch or Office (On letterhead paper of the Bank) Beneficiary: .............................. name and address of Employer ………………………………………. Date: ……………………………………………………………………………………………………... Bid Security No.: .......................................................................................................................................... We have been informed that . …………. .[insert name of the Bidder] (hereinafter called ―the Bidder‖) intends to submit its bid (hereinafter called ―the Bid‖) to you for the execution of name of Contract . …………… under Invitation for Bids No. (―the IFB‖). Furthermore, we understand that, according to your conditions, bids must be supported by a bid guarantee. At the request of the Bidder, we…………………. . name of Bank hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of amount in figures ………………………. (. ………….. .amount in words ) upon receipt by us of your first demand in writing accompanied by a written statement stating that the Bidder is in breach of its obligation(s) under the bid conditions, because the Bidder: (a) has withdrawn or modifies its Bid: (i) during the period of bid validity specified by the Bidder on the Letter Bid, in case of electronic submission (ii) from the period twenty-four hours prior to bid submission deadline up to the period of bid validity specified by the Bidder on the Letter of Bid, in case of hard copy submission; or (b) does not accept the correction of errors in accordance with the Instructions to Bidders (hereinafter ―the ITB‖); or (c) having been notified of the acceptance of its Bid by the Employer during the period of bid validity, (i) fails or refuses to execute the Contract Agreement, or (ii) fails or refuses to furnish the performance security, in accordance with the ITB. (d) is involved in fraud and corruption in accordance with the ITB This guarantee will remain in force up to and including the date ………number days after the deadline for submission of Bids as such deadline is stated in the instructions to Bidders or as it may be extended by the Employer, notice of which extension(s) to the Bank is hereby waived. Any demand in respect of this guarantee should reach the Bank not letter than the above date. This Bank guarantee shall not be withdrawn or released merely upon return of the original guarantee by the Bidder unless notified by you for the release of the guarantee. This guarantee is subject ...