Common use of Withdrawal, Substitution, and Modification of Bids Clause in Contracts

Withdrawal, Substitution, and Modification of Bids. Bidder can withdraw and modify the bid till bid submission end date. If J.V. is allowed following conditions and requirements must be fulfilled: Bids submitted by a joint venture of two or more firms as partners shall comply with the following requirements: a. one of the partners shall be nominated as being Lead Partner, and this authorization shall be evidenced by submitting a power of attorney signed by legally authorized signatories of all the partners; b. the bid and, in case of a successful bid, the Agreement, shall be signed so as to be legally binding on all partners; c. the partner in charge shall be authorized to incur liabilities and receive instructions for and on behalf of any and all partners of the joint venture and the entire execution of the contract, including payment, shall be done exclusively with the partner in charge; d. all partners of the joint venture shall be liable jointly and severally for the execution of the contract in accordance with the contract terms, and a statement to this effect shall be included in the authorization mentioned under [c] above, as well as in the bid and in the Agreement [in case of a successful bid]; e. The joint venture agreement should indicate precisely the role of all members of JV in respect of planning, design, construction equipment, key personnel, work execution, and financing of the project. All members of JV should have active participation in execution during the currency of the contract. This should not be varied/modified subsequently without prior approval of the employer; f. The joint venture agreement should be registered, so as to be legally valid and binding on all partners; and g. a copy of the Joint Venture Agreement entered into by the partners shall be submitted with the bit!. .

Withdrawal, Substitution, and Modification of Bids. Bidder can withdraw and modify the bid till before the bid submission end date. If J.V. is allowed following conditions and requirements must be fulfilled: Bids submitted by a joint venture of two or more firms as partners shall comply with the following requirements: a. one x. xxx of the partners shall be nominated as being Lead Partner, and this authorization shall be evidenced by submitting a power of attorney signed by legally authorized signatories of all the partners; b. the bid and, in case of a successful bid, the Agreement, shall be signed so as to be legally binding on all partners; c. the partner in charge shall be authorized to incur liabilities and receive instructions for and on behalf of any and all partners of the joint venture and the entire execution of the contract, including payment, shall be done exclusively with the partner in charge; d. all partners of the joint venture shall be liable jointly and severally for the execution of the contract in accordance with the contract terms, and a statement to this effect shall be included in the authorization mentioned under [c] above, as well as in the bid and in the Agreement [in case of a successful bid]; e. The joint venture agreement should indicate precisely the role of all members of JV in respect of planning, design, construction equipment, key personnel, work execution, and financing of the project. All members of JV should have active participation in execution during the currency of the contract. This should not be varied/modified subsequently without prior approval of the employer; f. The joint venture agreement should be registered, so as to be legally valid and binding on all partners; and g. a copy of the Joint Venture Agreement entered into by the partners shall be submitted with the bit!. .