Forfeiture of Bid Bond Sample Clauses

Forfeiture of Bid Bond. GEPB may make a call under a Bidder's Bid Bond for any amount up to the full value of such Bid Bond, and such amount shall be forfeited by the Bidder, in any of the following circumstances: • the Bidder or if a Bidder is organised as a Consortium, any Consortium Member or the Consortium Leader, seeks to modify, correct and/or withdraw its Proposal or any part of its Proposal (which shall include raising any issue or item in respect of the Tender Document that was not expressly and explicitly raised in its Proposal and/or raising any issue or item that was raised in its Proposal but was subsequently dropped or revised) after the Submission Deadline; • the Preferred Xxxxxx has been invited to finalize the Contract and formalities required to be finalised for the execution of the Contract with GEPB and fails to carry out the same within seven (7) Days of such invitation; • the Preferred Bidder does not incorporate the joint stock company which will enter into the Contract with the GEPB within 30 (thirty) Days or incorporates it with an ownership structure including members who were not part of the Tender Process; • the Preferred Bidder or the joint stock company established by the Preferred Bidder does not sign the Contract with GEPB within 30 (thirty) Days.
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Forfeiture of Bid Bond. The Successful Bidder, upon his failure or refusal to execute the Contract within ten (10) business days after he has received Notice of Award, shall forfeit to the Owner the security deposited with his bid in accordance with North Carolina General Statute 143-129.
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Related to Forfeiture of Bid Bond

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