Examples of Caution Money in a sentence
In case of (b) above the Caution Money will be forfeited and the Commissioner of Police, Kolkata reserves the right to initiate the proceedings against the selected bidder.
I/We understand and agree that if any of the statement/information revealed by me/us is found to be incorrect and/or untrue, the bid submitted by me/us is liable to be cancelled and in such case, the Caution Money paid by me/us is liable to be forfeited by you and you will be at liberty to annul the offer made by me/us at any point of time.
I/We also agree that after my/our offer given in my/our bid for contract is accepted by you and I/We fail to accept or act upon the terms & conditions of the contract or am/are not able to complete the transaction within the time limit specified for any reason whatsoever and/or fail to fulfill any/all of the terms & conditions of the bid and offer letter, the Caution Money and any other amount paid by me/us along with the bid and thereafter, are to be forfeited.
I/We declare that the Caution Money and/or other deposit towards the contract were made by me/us as against my/our bid and that the particulars remittance given by me/us in the bid form is true and correct.
If the number of such bidders is less than three then the e-Auction process would be cancelled and the Caution Money will be refunded.
In case the Caution Money of any seller is forfeited in full or part and his caution money deposit goes below the threshold indicated in para 1 above, the seller account shall be put on hold till the seller re-coups the caution Money account to required value.
Fails to furnish requisite performance security / PBG as per GeM e-bid / RA conditions.(iii) In case the Caution Money of any seller is forfeited in full or part and his caution money deposit goes below the threshold indicated in para 1 above, the seller account shall be put on hold till the seller re-coups the caution Money account to required value.
All refundable deposits (Laboratory, Caution Money and Library etc.) shall be fully returned at the time of cancellation.
If the Contractor fails to honour the bid then the Caution Money Deposit shall be forfeited and he shall be barred from participation in all other auctions.
In case the Contractor fails to deposit full price of the bid within the stipulated time as mentioned above, the offer shall stand cancelled at the discretion of Auction Inviting Authority and the Caution Money shall be forfeited.