Earnest Money Deposit. Earnest Money deposit of Rs 93,000/- ( Rs Ninety Three thousand only), in electronic mode in below account, must be submitted along with Tender. Offers not accompanied with EMD will not be accepted. The EMD will be forfeited if, xxxxxx withdraws his bid during selection process, or having been selected by the Bank for the job, the Service Provider refuses to accept any contract or having accepted the contract, fails to carry out his obligations mentioned herein. No interest will be payable on the EMD. The EMD will be refunded to the unsuccessful Service Provider on completion of the process of selection. The Earnest Money paid by the successful Service Provider will be released only after furnishing the Performance Bank Guarantee. Bank Details:- Bank Account – 29760400000001 Account Name-Zonal office OD AC North Gujarat Branch Name- Law Garden Ahmedabad IFSC Code- BARB0LAWAHM (Fifth letter is Zero) 7.
Earnest Money Deposit. The Bidders are required to furnish Earnest Money Deposit (EMD) along with their offer in the form of Demand Draft drawn on any Nationalized Bank favoring National Institute of Fashion Technology, Mumbai, payable at Mumbai for Rs. 20,000/- (Rupees Twenty Thousand Only). The agencies registered under MSME & NSIC shall be exempted from submission of EMD on production of suitable certificates of MSME & NSIC registration. The EMD of the bidder will be forfeited if the bidder misleads NIFT during the course of evaluation of the tender by providing false and misleading information. If party become L1 and not willing to accept the offer, EMD will be forfeited. The successful tenderer will have to deposit 3% of the total bid amount as security deposit/performance guarantee and this will also be treated as Performance Guarantee. Part of this amount will be adjusted against the EMD deposited by the tenderer along with the tender form. The balance amount will have to be deposited by the successful tenderer within 5 working days of the receipt of the Work Order by a Demand Draft of any Scheduled Bank in favor of NIFT Mumbai, payable at Mumbai failing which the Work Order will be treated as cancelled and the EMD amount will be liable to be forfeited. The successful bidder’s Security Money will be retained till the validity of AMC contract and it will be returned after successful completion work and no interest will be paid for security deposit. PLEASE NOTE THAT OFFERS NOT ACCOMPANIED BY THE REQUIRED EMD ARE LIABLE TO BE REJECTED. The EMD of the unsuccessful Bidders shall be released by NIFT after receiving the letter of acceptance of the Order and the EMD of successful bidder will be converted in to security deposit without interest. NIFT, during and/or after Technical bid evaluation, may send representatives to visit the offices of the bidder. All such visit shall have to be facilitated by the vendor. 4. It is the responsibility of Bidders to read all terms & conditions of this tender carefully before filling the tender. Incomplete tender documents / or bids not responsive enough to the tender terms shall be rejected. NIFT reserves the right to split or reject any or all the tenders without assigning any reason thereof. NIFT shall not be responsible for any postal delays. 5. Any vagueness/incomplete details in the offer shall make it liable to be rejected as such shortcomings in the offer shall be interpreted as incompetence and disinterest on the part of the bidder t...
Earnest Money Deposit of the successful tenderer/bidder shall be transferred to security deposit. The EMD/ security deposit shall be released without any interest to the contractor on termination of AMC. 13.