THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the Principal has submitted the accompanying Bid numbered and dated as above for ________________________________________ (Particulars of Bid) to the said Employer; and WHEREAS, the Employer has required as a condition for considering the said Bid that the Principal furnishes a Bid Security in the above said sum to the Employer, conditioned as under: (1) that the Bid Security shall remain valid for a period of twenty eight (28) days beyond the period of validity of the bid; (2) that in the event of; (a) the Principal withdraws his Bid during the period of validity of Bid, or (b) the Principal does not accept the correction of his Bid Price, pursuant to 16.4 (b) of Instructions to Bidders, or (c) failure of the successful bidder to (i) furnish the required Performance Security, in accordance with IB-21.1 of Instructions to Bidders, or (ii) sign the proposed Contract Agreement, in accordance with IB-20.2 & 20.3 of Instructions to Bidders, the entire sum be paid immediately to the said Employer for delayed completion and not as penalty for the successful bidder's failure to perform. NOW THEREFORE, if the successful bidder within the period specified therefore, on the prescribed form presented to him for signature enter into a formal Contract Agreement with the said Employer in accordance with his Bid as accepted and furnish within fourteen (14) days of receipt of Letter of Acceptance, a Performance Security with good and sufficient surety , as may be required, upon the form prescribed by the said Employer for the faithful performance and proper fulfilment of the said Contract or in the event of non-withdrawal of the said Bid within the time specified then this obligation shall be void and of no effect, but otherwise to remain in full force and effect. PROVIDED THAT the Guarantor shall forthwith pay to the Employer the said sum stated above upon first written demand of the Employer without cavil or argument and without requiring the Employer to prove or to show grounds or reasons for such demand, notice of which shall be sent by the Employer by registered post duly addressed to the Guarantor at its
THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the Principal has submitted the accompanying Bid numbered and dated as above for ________________________________________ (Particulars of Bid) to the said Employer; and WHEREAS, the Employer has required as a condition for considering the said Bid that the Principal furnishes a Bid Security in the above said sum to the Employer, conditioned as under: (1) that the Bid Security shall remain valid for a period of twenty eight (28) days beyond the period of validity of the bid; (2) that in the event of; (a) the Principal withdraws his Bid during the period of validity of Bid, or (b) the Principal does not accept the correction of his Bid Price, pursuant to 16.4 (b) of Instructions to Bidders, or (c) failure of the successful bidder to (i) furnish the required Performance Security, in accordance with IB-21.1 of Instructions to Bidders, or (ii) sign the proposed Contract Agreement, in accordance with IB-20.2 & 20.3 of Instructions to Bidders, the entire sum be paid immediately to the said Employer for delayed completion and not as penalty for the successful bidder's failure to perform. NOW THEREFORE, if the successful bidder within the period specified therefore, on the prescribed form presented to him for signature enter into a formal Contract Agreement with the said Employer in accordance with his Bid as accepted and furnish within fourteen (14) days of receipt of Letter of Acceptance, a Performance Security with good and sufficient surety , as may be required, upon the form prescribed by the said Employer for the faithful performance and proper fulfilment of the said Contract or in the event of non-withdrawal of the said Bid within the time specified then this obligation shall be void and of no effect, but otherwise to remain in full force and effect. PROVIDED THAT the Guarantor shall forthwith pay to the Employer the said sum stated above upon first written demand of the Employer without cavil or argument and without requiring the Employer to prove or to show grounds or reasons for such demand, notice of which shall be sent by the Employer by registered post duly addressed to the Guarantor at its
NHMP-Building-14-05.docx