16.2 The Bid Security shall be in fixed amount as specified in and denominated in Ngultrum (Nu) or the currency of the Bid or in another freely convertible currency, and shall: at the Bidder’s option, be in any of the following (i) a demand unconditional bank guarantee; or (ii) a account payee demand draft; or (iii) a account payee cash warrant. be issued by financial institution in Bhutan acceptable to the Employer selected by the Bidder and located in any eligible country. If the institution issuing the Bid Security is located outside , it have a correspondent financial institution located in to make it enforceable. in the case of a bank guarantee, be substantially in accordance with the form of Bid Security included in Section X, Security Forms, or other form approved by the Employer prior to Bid submission; be payable promptly upon written demand by the Employer in case the conditions listed in ITB Sub-Clause 16.5 are invoked; be submitted in its original form; copies shall not be accepted; remain valid for a period of 30 days beyond the validity period of the Bids, as extended, if applicable, in accordance with ITB Clause 15.2. 16.3 Any Bid not accompanied by a responsive Bid Security shall be Rejected by the Employer as non-responsive. 16.4 The Bid Securities of unsuccessful Bidders shall be returned as promptly as possible upon the successful Bidder furnishing the Performance Security and in any event not later than 30 days after the expiration of the validity of the unsuccessful Bidder’s Bid. 16.5 The Bid Security may be forfeited (a) if a Bidder withdraws its Bid during the period of Bid validity specified by the Bidder on the Bid Submission Sheet, except as provided for in ITB Sub-Clause 15.2; or (b) if the Bidder that submitted the lowest evaluated Bid does not accept the correction of the Bid price pursuant to Clause 27; or (c) if the successful Bidder fails within the specified time limit to (i) sign the Contract; or (ii) furnish the required Performance Security The Bid Security of a JV/C/A must be in the name of the JV/C/A that submits the Bid. If the JV/C/A has not been legally constituted at the
16.2 The Bid Security shall be in fixed amount as specified in and denominated in Ngultrum (Nu) or the currency of the Bid or in another freely convertible currency, and shall: at the Bidder’s option, be in any of the following (i) a demand unconditional bank guarantee; or (ii) a account payee demand draft; or (iii) a account payee cash warrant. be issued by financial institution in Bhutan acceptable to the Employer selected by the Bidder and located in any eligible country. If the institution issuing the Bid Security is located outside , it have a correspondent financial institution located in to make it enforceable. in the case of a bank guarantee, be substantially in accordance with the form of Bid Security included in Section X, Security Forms, or other form approved by the Employer prior to Bid submission; be payable promptly upon written demand by the Employer in case the conditions listed in ITB Sub-Clause 16.5 are invoked; be submitted in its original form; copies shall not be accepted; remain valid for a period of 30 days beyond the validity period of the Bids, as extended, if applicable, in accordance with ITB 15.2. 16.3 Any Bid not accompanied by a responsive Bid Security shall be Rejected by the Employer as non-responsive. 16.4 The Bid Securities of unsuccessful Bidders shall be returned as promptly as possible upon the successful Bidder furnishing the Performance Security and in any event not later than 30 days after the expiration of the validity of the unsuccessful Bidder’s Bid. 16.5 The Bid Security may be forfeited (a) if a Bidder withdraws its Bid during the period of Bid validity specified by the Bidder on the Bid Submission Sheet, except as provided for in ITB Sub-Clause 15.2; or (b) if the Bidder that submitted the lowest evaluated Bid does not accept the correction of the Bid price pursuant to Clause 27; or (c) if the successful Bidder fails within the specified time limit to (i) sign the Contract; or (ii) furnish the required Performance Security The Bid Security of a JV/C/A must be in the name of the JV/C/A that submits the Bid. If the JV/C/A has not been legally constituted at the Clause
Resurfacing-TD-for-Yotongla-Jakar-2013-2014.docx