The bidder whose bid is accepted will be required to furnish Performance Guarantee ( PG ) of 5% (Five Percent) of the bid amount within 10 days of the acceptance of the bid in the form of Insurance Surety Bonds/ Account Payee Demand Draft/ Fixed Deposit Receipt. Banker’s Cheque or Bank Guarantee(including e-Bank Guarantee) from any of the Commercial Banks or payment online in an acceptable form in favor of “ ESI Fund A/C No. 1” payable at Hyderabad. If the successful bidder fails to deposit the said performance guarantee within the prescribed period of 10 working days including the extended period of 3 more working days, the Xxxxxxx Money deposited by the contractor shall be forfeited automatically without any notice to the contractor. However, EMD shall be returned after receiving the PG. PG will be returned after completion of the contract satisfactorily.
