Bid Security Form Clause Samples

The Bid Security Form clause requires bidders to provide a financial guarantee, such as a bond or bank guarantee, as part of their bid submission. This form typically outlines the amount, acceptable forms of security, and the conditions under which the security may be forfeited, such as withdrawal of the bid or failure to sign the contract if awarded. Its core function is to ensure that only serious and committed bidders participate, thereby protecting the interests of the party soliciting bids by discouraging frivolous or non-committal offers.
Bid Security Form. [To be signed & stamped by the Bidder and reproduced on the letter head To be attached with Financial Bid]
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Bid Security Form. ((To be stamped in accordance with Stamp Act, the Non-Judicial Stamp Paper should be in the name of the issuing Bank). For the purpose of verification/confirmation of this Bank Guarantee by the Employer/Purchaser*, the Bank shall indicate 2 official email ids of the authorized signatories from Issuing Branch and also of the designated higher office (Corporate Office, Zonal Office etc)in the covering letter of the Bank forwarding the Bank Guarantee.) Security in figures & words) for which payment well and truly to be made to the
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Bid Security Form. [To be signed & stamped by the Bidder and reproduced on the letter head. To beattached with Financial Bid 1. If the Bidder withdraws its Bid during the period of Bid validity specified by the Bidderon the Bid Form; or 2. If the Bidder, having been notified of the acceptance of its Bid by the ProcuringAgency during the period of Bid validity: (a) fails or refuses to execute the Contract Form, if required; or (b) fails or refuses to furnish the Performance Guarantee, in accordance with theInstructions to Bidders; we undertake to pay to the Procuring Agency up to the above amount upon receipt of itsfirst written demand, without the Procuring Agency having to substantiate its demand, provided that in its demand the Procuring Agency will note that the amount claimed by itis due to it, owing to the occurrence of one or both of the two conditions, specifying the occurred condition or conditions. This guarantee will remain in force up to and including 180 Days, and any demand in respect thereof should reach the Bank not later than the above date. To Deputy Director, Health Information & Service Delivery Unit (HISDU), Primary & Secondary Healthcare Department, ▇▇-▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇. SUBJECT: Undertaking for Minimum Wages to Staff/Labour Respected Sir It is undertaken that M/S is currently practicing the undermentioned human resource policy and also will continue to practice the same in future under the contract named “ ”. Any non- compliance in below mentioned shall be headed towards the breach of contract. 1. Provision of minimum wage as provided in Notification No. SO(D-II)MW/2011 dated 9 September 2023 by the Labour & HR Department, Government of Punjab applicable for the period of Contract. In case the said notification is revised, the Service Provider will be bound to abide by the revised notification. 2. Child Labor is forbidden under the contract. Children under the age of 18 years will not be employed, as per the Laws of Government of Pakistan 3. Our firm NTN Number is and it was established in Note: All tender terms and conditions are accepted as laid down in the tender inquiry Regards Mr. M/s Address: Note: This will be printed on stamp paper worth PKR 300/-
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Bid Security Form. ‌ 1. If the Bidder withdraws its Bid during the period of Bid validity specified by the Bidder on the Bid Form; or 2. If the Bidder, having been notified of the acceptance of its Bid by the Procuring Agency during the period of Bid validity: (a) fails or refuses to execute the Contract Form, if required; or (b) fails or refuses to furnish the Performance Guarantee, in accordance with the Instructions to Bidders; we undertake to pay to the Procuring Agency up to the above amount upon receipt of its first written demand, without the Procuring Agency having to substantiate its demand, provided that in its demand the Procuring Agency will note that the amount claimed by it is due to it, owing to the occurrence of one or both of the two conditions, specifying the occurred condition or conditions. This guarantee will remain in force up to and including thirty (30) days after the period of Bid validity, and any demand in respect thereof should reach the Bank not later than the above date.
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Related to Bid Security Form

  • Security Forms SECTION 201.

  • 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 ▇▇▇-▇▇▇-▇▇▇▇. The original bid security should then be sent or delivered to the office of the Purchasing Division, ▇▇▇ ▇. ▇▇▇ ▇▇., ▇▇▇. ▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ 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.

  • Collateral and Security Section 10.01.

  • Security for Obligations This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”).

  • UNION SECURITY AND CHECK-OFF 5.01 All present seniority employees who are currently members of the Union will be required to continue to be members of the Union as a condition of employment for the duration of this Agreement. 5.02 Present probationary employees and newly hired employees upon completion of their probationary period, shall become members of the Union, and will be required to continue to be members of the Union as a condition of employment for the duration of this Agreement. 5.03 The Company will deduct from the pay of each employee, including new hirees, the monthly dues and other assessments authorized by the constitution of the Union. The initiation fee shall be taken off the following pay period after the employee has completed his probationary period. This deduction will be shown on a separate column on the Union dues list prescribed in 5.04. The Union dues shall be taken off the following pay period after an employee has worked 40 hours in any one calendar month. Union dues shall be calculated on the basis of the average of an employee’s total earnings as defined in the constitution and by-laws of the national and local Union for the previous calendar month. The Company shall deduct from each employee’s regular supplemental unemployment benefits the monthly dues and other assessments as authorized by the constitution of the Union. The Union will notify the Company, in writing, two (2) weeks in advance of the relevant month of any changes in monthly dues deductions to be made. The Company agrees to include on an employee’s T4 slip for income tax purposes the total Union dues paid for the year, excluding any initiation fees. 5.04 A list of the total number of employees, along with all sums deducted as above shall be remitted by the Company to the financial secretary of the local Union by the 15th of the month following the month in which the deductions were made. This list will contain employee names, payroll numbers, addresses and telephone numbers, along with the amount of such deductions and the reason, if any, why no deductions were made from certain employees. This list will also indicate any employee whose employment is terminated, transferred out of the bargaining unit, on layoff, leave of absence, or died. The Company will also provide the financial secretary with the monthly alphabetical employee list. The Company will reimburse any employee any dues that have been deducted in error as long as a claim has been submitted to the Company before the last day of the calendar month in which the deduction was made. 5.05 The Union shall indemnify and save the Company harmless against any and all claims, demands, suits and other forms of liability that arise out of or by reason of any action taken or not taken by the Company for the purpose of complying with any of the provisions of this article, or in reliance on any lists, notice or assessment furnished under such provisions.