Common use of Validity of Tenders Clause in Contracts

Validity of Tenders. The Bid Proposal shall remain valid and irrevocable for a period of Ninety (90) days from the closing date for the submission of Tenders. Company intends to notify all Bidder of the result of their Tender submission during this period. If Bidder retracts or withdraws its Tender during the period of its validity without receiving authorization from Company, Company may, at its sole discretion, without the need for summons, notice or other legal formalities or exercise any other rights stipulated in the Tender Documents. In exceptional circumstances, prior to expiry of the original, the procuring agency may request the bidders to extend the period of validity for a specified additional period, which shall not be for more than one third of the original period of bid validity. The request and the responses thereto, shall be made in writing. A bidder may refuse the request without the forfeiture of the bid security. In case, a bidder agreed to the request, shall not be required or permitted to modify the bid, but will be required to extend the validity of the bid security for the period of the extension

Validity of Tenders. The Bid Proposal shall remain valid and irrevocable for a period of Ninety (90) days from the closing date for the submission of Tenders. Company intends to notify all Bidder Tenderer of the result of their Tender submission during this period. If Bidder Tenderer retracts or withdraws its Tender during the period of its validity without receiving authorization from Company, Company may, at its sole discretion, without the need for summons, notice or other legal formalities or exercise any other rights stipulated in the Tender Documents. In exceptional circumstances, prior to expiry of the original, the procuring agency may request the bidders to extend the period of validity for a specified additional period, which shall not be for more than one third of the original period of bid validity. The request and the responses thereto, shall be made in writing. A bidder may refuse the request without the forfeiture of the bid security. In case, a bidder agreed to the request, shall not be required or permitted to modify the bid, but will be required to extend the validity of the bid security for the period of the extension