Bid Security. 2.1 Bid security, as a guarantee of good faith, in the form of a certified check, cashier's check, or bidder's bond, may be required to be submitted with this bid document, as indicated on the bid.
2.1.1 Bid security, if required, shall be in the amount specified on the bid. The bid security must be scanned and attached to the “Response Attachments” section of your response or it can be faxed to the Purchasing Office at 000-000-0000. The original bid security should then be sent or delivered to the office of the Purchasing Division, 000 X. 0xx Xx., Xxx. 000, Xxxxxxx, XX 00000 to be received within three (3) days of bid closing.
2.1.2 If bid security is not received in the Office of the Purchasing Division as stated above, the vendor may be determined to be non-responsive.
2.2 If alternates are submitted, only one bid security will be required, provided the bid security is based on the amount of the highest gross bid.
2.3 Such bid security will be returned to the unsuccessful Bidders when the award of bid is made.
2.4 Bid security will be returned to the successful Bidder(s) as follows:
2.4.1 For single order bids with specified quantities: upon the delivery of all equipment or merchandise, and upon final acceptance by the Owners.
2.4.2 For all other contracts: upon approval by the Owners of the executed contract and bonds.
2.5 Owners shall have the right to retain the bid security of Bidders to whom an award is being considered until either:
2.5.1 A contract has been executed and bonds have been furnished.
2.5.2 The specified time has elapsed so that the bids may be withdrawn.
2.5.3 All bids have been rejected.
2.6 Bid security will be forfeited to the Owners as full liquidated damages, but not as a penalty, for any of the following reasons, as pertains to this specification document:
2.6.1 If the Bidder fails or refuses to enter into a contract on forms provided by the Owners, and/or if the Bidder fails to provide sufficient bonds or insurance within the time period as established in this specification document.
Bid Security. Bids must be accompanied by a Bid Bond made payable to the Owner in an amount not less than five percent of the Bid. Bid Bonds should be furnished on forms accepted as standard by the insurance industry, but shall be substantially in accordance with the Bid Security Form attached hereto.
Bid Security. 16.1 The Bidder shall furnish, as part of his Bid, a Bid security in the amount as shown in column 4 of the table of IFB for this particular work. This bid security shall be in favor of: Office of The Executive Engineer, Xxxxxx Xxxxx Xxxxxx Xxxxxxxxx, SWaRA Bhawan Xxxx Xxxx xx-0,Xxxxx Resources Department, Bhopal (M. P.) and may be in one of the following forms:
16.2 Bank guarantees issued as surety for the bid shall be valid for 45 days beyond the validity of the bid.
16.3 Any bid not accompanied by an acceptable Bid Security and not secured as indicated in Sub- Clauses 16.1 and 16.2 above shall be rejected by the Employer as non-responsive.
16.4 The Bid Security of unsuccessful bidders will be returned within 28 days of the end of the bid validity period specified in Sub-Clause 15.1.
16.5 The Bid Security of the successful bidder will be discharged when the bidder has signed the Agreement and furnished the required Performance Security.
16.6 The Bid Security may be forfeited
(a) if the Bidder withdraws the Bid after Bid opening during the period of Bid validity;
(b) If the Bidder does not accept the correction of the Bid Price, pursuant to Clause 27; or
(c) In the case of a successful Bidder, if the Bidder fails within the specified time limit to
(i) Sign the Agreement; or
(ii) Furnish the required Performance Security.
Bid Security. Every bidder, if not exempted, participating in the procurement process will be required to furnish the bid security as specified in the NIB.
a) In lieu of bid security, a bid securing declaration shall be taken from Departments of the State Government, Undertakings, Corporations, Autonomous bodies, Registered Societies and Cooperative Societies which are owned or controlled or managed by the State Government and Government Undertakings of the Central Government.
b) Bid security instrument or cash receipt of bid security or a bid securing declaration shall necessarily accompany the technical bid.
c) Bid security of a bidder lying with the procuring entity in respect of other bids awaiting decision shall not be adjusted towards bid security for the fresh bids. The bid security originally deposited may, however, be taken into consideration in case bids are re-invited.
d) The bid security may be given in the form of a banker’s cheque or demand draft or bank guarantee, in specified format, of a scheduled bank or deposited through eGRAS. The bid security must remain valid thirty days beyond the original or extended validity period of the bid.
e) The issuer of the bid security and the confirmer, if any, of the bid security, as well as the form and terms of the bid security, must be acceptable to the procuring entity.
f) Prior to presenting a submission, a bidder may request the procuring entity to confirm the acceptability of proposed issuer of a bid security or of a proposed confirmer, if required. The procuring entity shall respond promptly to such a request.
g) The bank guarantee presented as bid security shall be got confirmed from the concerned issuing bank. However, the confirmation of the acceptability of a proposed issuer or of any proposed confirmer does not preclude the procuring entity from rejecting the bid security on the ground that the issuer or the confirmer, as the case may be, has become insolvent or has otherwise ceased to be creditworthy.
h) The bid security of unsuccessful bidders shall be refunded soon after final acceptance of successful bid and signing of Agreement and submitting performance security.
i) The Bid security taken from a bidder shall be forfeited, including the interest, if any, in the following cases, namely: - Rate Contract for Selection of Logistic Partner for e-Bazaar
a. when the bidder withdraws or modifies its bid after opening of bids;
b. when the bidder does not execute the agreement, if any, after placement of supply...
Bid Security. The security furnished by the Bidder from which the Department may recover its damages in the event the Bidder breaches its promise to enter into a contract with the Department and fails to execute the required bonds covering the work contemplated, if its proposal is accepted.
Bid Security. Where required, bid security shall be in the form of a bank guarantee from a reputable bank.
Bid Security. 16.1 Pursuant to Clause-l2, the bidder shall furnish, as part of his bid, bid security in the amount specified in Request of Quotation (RFQ).
16.2 The bid security is required to protect BCPL against the risk of bidder's conduct which would warrant the security's forfeiture, pursuant to Clause- 16.7
16.3 BCPL shall not be liable to pay any bank charges, commission or interest on the amount of Bid Security. In case Bid Security is in the form of a Bank Guarantee or irrevocable Letter of Credit, the same shall be from any Indian scheduled bank or a branch of an International bank situated in India and registered with Reserve bank of India as scheduled foreign bank in case of Indian bidder and from any reputed International bank or Indian scheduled bank in case of foreign bidder. However, in case of Bank Guarantee from banks other than the Nationalized Indian banks, the bank must be commercial bank having net worth in excess of Rs 100 crores and a declaration to this effect should be made by such commercial bank either in the Bank Guarantee itself or separately on its letterhead. Bid Security shall be valid for two months beyond the validity of the Bid.
16.4 Any bid not secured in accordance with Clause-16.1 and 16.3 may be rejected by BCPL as non-responsive.
16.5 Unsuccessful bidder's bid security will be discharged/returned as promptly as possible, but not later than 30 days after the expiration of the period of bid validity prescribed by BCPL.
16.6 The successful bidder's bid security will be discharged upon the bidder's accepting the award & signing the Agreement, pursuant to Clause-39 and furnishing the Contract Performance Security pursuant to Clause-40.
16.7 The bid security may be forfeited:
a) If a bidder withdraws his bid during the period of bid validity.
b) in the case of a successful bidder, if the bidder fails:
i) to accept the Notification of Award/Fax of lntent (FOI) or
ii) to furnish Contract Performance Security in accordance with Clause-40.
iii) to accept arithmetical corrections.
16.8 The Bid security shall be submitted in the form of crossed Bank Demand Draft drawn on any Nationalized/Scheduled bank in favour of BCPL, payable at Dibrugarh. In case Bid Security is in the form of Bank Guarantee or Letter of Credit, the same must indicate the Bid Document and the work for which the bidder is quoting. This is essential to have proper co-relation at a later date.
Bid Security. The bidder shall furnish 2% bid security of the total value of contract in the shape of Call Deposit Receipt issued by any scheduled bank of Pakistan in the name of Medical Superintendent THQ Hospital Bhalwal
Bid Security. 4.2.1 All bids shall be accompanied by a deposit of either a good and sufficient bond to the agency for the benefit of the agency, with corporate surety authorized to do business in this State, the form of the bond and the surety to be approved by the agency, or a security of the bidder assigned to the agency, for a sum equal to at least 10% of the bid plus all add alternates, or in lieu of the bid bond a security deposit in the form of a certified check, bank treasurer’s check, cashier’s check, money order, or other prior approved secured deposit assigned to the State. The bid bond need not be for a specific sum, but may be stated to be for a sum equal to 10% of the bid plus all add alternates to which it relates and not to exceed a certain stated sum, if said sum is equal to at least 10% of the bid. The Bid Bond form used shall be the standard OMB form (attached).
4.2.2 The Agency has the right to retain the bid security of Bidders to whom an award is being considered until either a formal contract has been executed and bonds have been furnished or the specified time has elapsed so the Bids may be withdrawn or all Bids have been rejected.
4.2.3 In the event of any successful Bidder refusing or neglecting to execute a formal contract and bond within 20 days of the awarding of the contract, the bid bond or security deposited by the successful bidder shall be forfeited.
Bid Security. Hospital and the Contracting Parties acknowledge that the Bid Security has been delivered to Hospital and is now held by Hospital pursuant to the provisions of this Article 2.
