The Bid Security shall be calculated according to the methodology specified in the BDS and denominated in a freely convertible currency. In case of bid securities in a convertible currency different from the currency selected by the bidder for its own bid, the exchange rate to be used for the conversion in the currency of the bid is the exchange rate (selling price) of the Financial Institution indicated under ITB 34.1 for the day the bid security has been issued. In this case, a minor variation in the value of the Bid Security, i.e. up to minus 2% of the expected value of the Bid Security will not lead to the exclusion of the bidder The Bid Security shall: be in the form of a bank guarantee from a banking institution; be issued by a reputable institution selected by the bidder and located in any eligible country. The banking institution issuing the bid security shall have a correspondent financial institution in Turkey. be substantially in accordance with one of the forms of Bid Security included in Section IV, Bidding Forms, or other form approved by the Purchaser prior to bid submission; be payable promptly upon written demand by the Purchaser in case the conditions listed in ITB Clause 21.5 are invoked; be submitted in its original form; copies will not be accepted; remain valid for the number of days indicated in the BDS after the original deadline for submission of the bid, in accordance with ITB Clause 20.2; If a Bid Security or a Bid- Securing Declaration is required in accordance with ITB Sub-Clause 21.1, any bid not accompanied by a substantially responsive Bid Security or Bid Securing Declaration in accordance with ITB Sub-Clause 21.1, shall be rejected by the Purchaser as non-responsive. The Bid Security of unsuccessful Bidders shall be returned as promptly as possible upon the successful furnishing of the Bidder’s Performance Security pursuant to ITB Clause 44. The Bid Security may be forfeited or the Bid Declaration executed:
The Bid Security shall be calculated according to the methodology specified in the BDS and denominated in a freely convertible currency. In case of bid securities in a convertible currency different from the currency selected by the bidder for its own bid, the exchange rate to be used for the conversion in the currency of the bid is the exchange rate (selling price) of the Financial Institution indicated under ITB 34.1 for the day the bid security has been issued. In this case, a minor variation in the value of the Bid Security, i.e. up to minus 2% of the expected value of the Bid Security will not lead to the exclusion of the bidder The Bid Security shall: be in the form of a bank guarantee from a banking institution; be issued by a reputable institution selected by the bidder and located in any eligible country. The banking institution issuing the bid security shall have a correspondent financial institution in Turkey. be substantially in accordance with one of the forms of Bid Security included in Section IV, Bidding Forms, or other form approved by the Purchaser prior to bid submission; be payable promptly upon written demand by the Purchaser in case the conditions listed in ITB Clause 21.5 are invoked; be submitted in its original form; copies will not be accepted; remain valid for the number of days indicated in the BDS after the original deadline for submission of the bid, in accordance with ITB Clause 20.2; If a Bid Security or a Bid- Securing Declaration is required in accordance with ITB Sub-Clause 21.1, any bid not accompanied by a substantially responsive Bid Security or Bid Securing Declaration in accordance with ITB Sub-Clause 21.1, shall be rejected by the Purchaser as non-responsive. The Bid Security of unsuccessful Bidders shall be returned as promptly as possible upon the successful Bidder’s furnishing of the Performance Security pursuant to ITB Clause 44. The Bid Security may be forfeited or the Bid Declaration executed: