Common use of FORFEITURE OF EMD Clause in Contracts

FORFEITURE OF EMD. Bank reserves the rights to cancel the order and forfeit the EMD if, a. Security Deposit is not submitted within the stipulated time; b. Agreement is not entered within stipulated time; c. If the tenderer revokes his tender during the period he is required to keep his tender open for acceptance by the Employer or d. The tender is accepted by the Employer but the contractor fails to enter into a formal agreement or e. Fails to commence the work within the stipulated time. f. If a Bidder makes any statement or encloses any form which turns out to be false / incorrect at any time prior to signing of contract

FORFEITURE OF EMD. Bank reserves the rights to cancel the order and forfeit the EMD if, a. Security Deposit is not submitted within the stipulated time;. b. Agreement is not entered within stipulated time;. c. If the tenderer revokes his tender during the period period, he is required to keep his tender open for acceptance by the Employer or d. The tender is accepted by the Employer Employer, but the contractor fails to enter into a formal agreement or e. Fails to commence the work within the stipulated time. f. If a Bidder makes any statement or encloses any form which turns out to be false / incorrect at any time prior to signing of contract