SECURITY DEPOSIT. 1. The Bidder shall furnish security deposit at 3% of the total contract value during issue of work order by way of demand draft from nationalized bank in favour of tenderer payable at Ratnagiri Or by Bank Guarantee of Nationalised Bank. 2. Failure to comply with the terms of security deposit shall result into cancellation of work order without any further reference to the Bidder and the EMD shall be forfeited. 3. The security deposit shall be liable to be forfeited wholly or partly at the sole discretion of the ADO ZP Ratnagiri, if the Bidder either fails to execute the work of above projects or fails to fulfill the contractual obligations or fails to settle in full his dues to ADO ZP Ratnagiri. 4. In case of premature termination of the contract, the security deposit will be forfeited and the ADO ZP Ratnagiri will be at liberty to recover the losses suffered by it & if additional cost is to be paid, the same shall be recovered from the Bidder. 5. The ADO ZP Ratnagiri is empowered to re-cover from the security deposit for any sum due or any other sum that may be fixed by the ADO ZP Ratnagiri as being the amount or loss or losses or damages suffered by it due to delay in performance and /or non - performance and / or partial performance of any of the conditions of the contract and/or non - performance of guarantee obligations. 6. The security deposit shall be released to the Bidder only after contract is completed to the satisfaction of the ADO ZP Ratnagiri. 9. PRICE VARIATION & ADDITIONAL SECURITY DEPOSIT (ASD): The Project cost shall be inclusive of all duties and taxes, insurance etc. The prices quoted by the firm shall be complete in all respect and no price variation /adjustment shall be payable by ADO ZP Ratnagiri. In event bidder offers price less than 80% of estimated cost indicated in this tender document; in such case, the tender evaluation committee will assess the authenticity of rate quoted by the bidder and ensure that the quality of work will not get compromised & take decision accordingly. If the committee takes decision to select such bidder from received offer then, bidder must pay additional security deposit (ASD) amount of 10% of difference amount (i.e. estimated cost - offered price) during submission of bid. However if tender evaluation committee disagree with the rate quoted in this context, the tender will be rejected & committee will select the L2 bidder for this work. 10.
