Common use of PENALTY FOR INSUFFICIENT KNOWLEDGE OF CURRENT PRICES Clause in Contracts

PENALTY FOR INSUFFICIENT KNOWLEDGE OF CURRENT PRICES. A tenderer submitting a quotation which the tender accepting authority considers excessive and! or indicative of the insufficient knowledge of current prices of definite attempt at profiteering will rend8! himself liable to be debarred permanently from tendering or for such period as the tender accepting authority may decide for work costing above Rs.10.00 lakhs and will be liable for forfeiture of Xxxxxxx Money Deposit for works costing Rs.10.00 lakhs. The tender rates should be based on the controlled price for materials-price permissible for the tenderer to charge a private purchaser under the provision of clause 8 of Hoarding and profiteering prevention ordinance 1943 as amended from time to time and of similar principles in regard to labour and supervision in the construction.