Forfeiture of Bid Security. (a) Subject to Section 2.4(b), if Project Co fails to achieve, through no default of Owner, Financial Close by the Financial Close Target Date (as such date may be extended by Owner in its Sole Discretion upon the request of Project Co) other than as a result of:
(i) the Owner Conditions in Sections 2.5(a)(i)(A), (ii) and (iii) not being satisfied or waived as provided in Section 2.5;
(ii) the Project Co Conditions not being satisfied or waived as provided in Section 2.6; or
(iii) circumstances beyond the reasonable control of Project Co, but not including either:
(A) lack of funds; or
(B) subject to Section 2.4(b), the failure to complete the Financing, Owner will be entitled at any time thereafter to terminate this Project Agreement and to draw from the Bid Security and to retain the lesser of (A) the full amount of the Bid Security, and (B) the difference between the Guaranteed Price and the price that Owner is able to obtain from another contractor for the Work, together with all costs reasonably incurred by Owner to enter into binding agreements with such other contractor. The Parties agree that the amounts so drawn constitute liquidated damages and not a penalty. Such liquidated damages represent a genuine and reasonable pre-estimate of the damages that Owner will suffer as a result of the happening of the specified event. Such payment shall constitute full and final settlement of any and all damages that may be claimed by Owner as a result of Project Co not achieving Financial Close. For greater certainty, Owner will promptly return the Bid Security to Project Co if Financial Close is not achieved on or before the Financial Close Target Date (as such date may be extended by Owner in its Sole Discretion upon the request of Project Co) as a result of circumstances other than those which entitle Owner to draw on the Bid Security in accordance with the provisions of this Section 2.4(a).
(b) The Parties acknowledge that arrangements with respect to the Financing may be expressly conditional on Lender being satisfied with new information or new reports that arise or are prepared after the Submission Date but before Financial Close relating to the Work, including design, environmental or technical matters (the “Lender Condition”), but for greater certainty, the Lender Condition does not include satisfaction with the forms of Implementing Agreements attached to this Project Agreement and such other conditions as are customary in securing the financing for p...
Forfeiture of Bid Security. Failure of the successful Bidder to whom a Notice of Award is tendered to execute the Contract Agreement and deliver the Bonds and other documents required of him at the time of execution within the time limit provided in the Contract Documents shall be just cause for RMWD to annul the Notice of Award and declare the Bid and any security therefore forfeited.
Forfeiture of Bid Security. (a) Subject to Section 2.4(b), if Project Co fails to achieve, through no default of Owner, Financial Close by the Financial Close Target Date (as such date may be extended by Owner in its Sole Discretion upon the request of Project Co) other than as a result of:
(i) the Owner Conditions in Sections 2.5(a)(i)(A), (ii) and (iii) not being satisfied or waived as provided in Section 2.5;
(ii) the Project Co Conditions not being satisfied or waived as provided in Section 2.6; or
(iii) circumstances beyond the reasonable control of Project Co, but not including either:
(A) lack of funds; or
(B) subject to Section 2.4(b), the failure to complete the Financing, Owner will be entitled at any time thereafter to terminate this Project Agreement and to draw from the Bid Security and to retain the lesser of (A) the full amount of the Bid Security, and
Forfeiture of Bid Security. The Bid Security can be forfeited in the following cases:
i. When the bidder withdraws or modifies its bid after opening of bids;
ii. When the bidder, after being selected for award of contract, does not deposit he required performance security within the specified period; and
iii. If the bidder breaches any provision of code of integrity prescribed for bidders specified in the Assam Public Procurement Xxx 0000 and Assam Public Procurement Rules 2020.
Forfeiture of Bid Security. The Bid security may be forfeited either in full or in part, at the discretion of MSEGS, on account of one or more of the following reasons:
1. If the bidder withdraws his Bid during the period of Bid validity specified by him on the Bid Letter Form;
2. If the bidder fails to co-operate in the Bid evaluation process
3. If the bid or its submission is not in conformity with the instruction mentioned herein
4. If the bidder violates any of the provisions of the terms and conditions of the tender
5. In case, a successful bidder fails to (a) accept award of work, (b) sign the Contract Agreement with MSEGS, within the stipulated time after acceptance of communication on placement of award, (c) furnish performance security, (d) fails to sign the Contract Agreement in time, (e) or the bidder violates any of such important conditions of this tender document or indulges in any such activities as would jeopardize the interest of MSEGS in timely finalization of this tender. The decision of MSEGS regarding forfeiture of bid security shall be final and shall not be called upon question under any circumstances. A default of such type or nature may involve black-listing of the bidder by MSEGS/Govt. of Mizoram.
Forfeiture of Bid Security. (a) Subject to Section 2.4(b), if the Contracting Parties fail to achieve, through no default of Hospital, Financial Close by the Financial Close Target Date (as such date may be extended by Hospital in its sole and absolute discretion upon the request of Project Co) other than as a result of:
(i) the failure of any of the Hospital Conditions in Sections 2.5(a)(i)(A), (vi) and
Forfeiture of Bid Security. The Bid Security of the Bidder shall be forfeited if he withdraws his Bid during the period of Bid validity specified in the “Notice Inviting Bid” or extended validity period as agreed in writing by the Bidder. The Bid Security of the successful Bidder is liable to be forfeited if he fails to;
i) sign the Contract Agreement in accordance with the terms of the Bid, or
ii) furnish Performance Guarantee in accordance with the terms of the Bid, or iii) commence the work within the time period stipulated in the Bid.
Forfeiture of Bid Security. Failure of the successful Bidder to execute and deliver the Contract and deliver the required bonds as stipulated in paragraph 2.2 shall be cause for the VILLAGE to annul the Notice of Award and declare the Bid and any security therefore forfeited.
Forfeiture of Bid Security. 1.5.1 Failure of the successful Bidder to execute and deliver the agreement and deliver the required Bonds within fifteen (15) calendar days of the Notice of the Award shall be just cause for the Owner to annul the Notice of Award and declare the Bid and any security therefore forfeited.
Forfeiture of Bid Security. The bid security will be forfeited in the following cases:
(i) When Xxxxxx withdraws or modifies the offer after opening of tender but before acceptance of tender.
(ii) When Xxxxxx does not execute the agreement, if any, prescribed within the specified time or extended time by competent authority on the request of the Bidder.
(iii) When the Bidder does not deposit the security money after the supply order is given.
(iv) When he fails to submit samples of quoted item on demand or extended time by competent authority on the request of the Bidder.
