Examples of Bid Security in a sentence
The Bid Security of the successful bidder would be returned, without any interest whatsoever, after the receipt of Performance Security from them as called for in the contract.
During the Suspension/ Banning period, if it is found at any stage that Agency has participated in tender enquiry under a different name then such Agency would immediately be debarred from the tender/contract and its Bid Security / EMD / Performance Security would be forfeited.
Upon award, the successful Contractor shall replace the Bid Security with the Performance Security.
The Performance Security shall be valid until 60 (sixty) days of the expiry of the Defects Liability Period specified in Clause 15.1.1. Until such time the Performance Security is furnished by the Contractor pursuant hereto and the same comes into effect, the ‘Bid Security’ shall remain in force and effect, and upon such furnishing of the Performance Security, the Authority shall release the Bid Security to the Contractor.
Due to any breach of these conditions by the company or firm or any other person the tender will be cancelled and Bid Security will be forfeited at any stage whenever it is noticed and BSNL will not pay any damage to the company or firm or the concerned person.