(b) banker’s certified Cheque/Cash Warrant, or (c) Demand draft. 47.2 If the Performance Security is provided by the successful Bidder in the form of a demand bank guarantee it shall be issued, at the Bidder’s option, by a bank located in Bhutan or by a foreign bank acceptable to the Purchaser through a correspondent bank located in Bhutan. 47.3 Failure by the successful Bidder to submit the Performance Security or to sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Bid Security. In that event the Purchaser may award the Contract to the next lowest evaluated Bidder whose offer is substantially responsive and is determined by the Purchaser to be qualified to perform the Contract satisfactorily. Such a failure shall be considered as and all relevant clauses shall apply. “withdrawal”
(b) banker’s certified Cheque/Cash Warrant, or (c) Demand draft. 47.2 If the Performance Security is provided by the successful Bidder in the form of a demand bank guarantee it shall be issued, at the Bidder’s option, by a bank located in Bhutan or by a foreign bank acceptable to the Purchaser through a correspondent bank located in Bhutan. 47.3 Failure by the successful Bidder to submit the Performance Security or to sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Bid Security. In that event the Purchaser may award the Contract to the next lowest evaluated Bidder whose offer is substantially responsive and is determined by the Purchaser to be qualified to perform the Contract satisfactorily. Such a failure shall be considered as “withdrawal” and all relevant clauses shall apply.
SBD-for-testing-toolsT-EARRD.docx