percent for works. (In some cases, for example in vehicles, where bid security is considered not essential, it could be dispensed with.) The bid security may be accepted in the form of: Account Payee Demand Draft. Fixed Deposit Receipt. Banker’s Cheque. Bank Guarantee from any of the Commercial Banks in an acceptable form. The bid security is normally to remain valid for a period of forty-five (45) days beyond the final bid validity period. Bid security of the unsuccessful bidders should be returned to them at the earliest after the expiry of the final bid validity and latest on or before the 30th day after the award of the contract. Forfeiture of EMD: EMD of a tenderer will be forfeited, if the tenderer withdraws or amends its tender or impairs or derogates from the tender in any respect within the period of validity of its tender. Further, if the successful tenderer fails to furnish the required performance security within the specified period, its EMD will be forfeited. Article No.182.2 Performance Security To ensure due performance of the contract, Performance Security is to be obtained from the successful bidder awarded the contract. Performance Security is to be obtained from every successful bidder irrespective of its registration status etc. Performance Security should be for an amount of five to ten percent of the value of the contract in case of goods and five percent (50% to be retained till completion of the whole of the works and 50% to be retained till the end of defects liability period) of the contract price works. Similarly, Retention money should be five percent of the contract value in works. There is no retention money for goods. Performance Security may be furnished in the form of any one of the following: Account Payee Demand Draft. Fixed Deposit Receipt from a Commercial bank. Bank Guarantee from Commercial Bank in an acceptable form, safeguarding the interest in all respects. purchaser’s
percent for works. (In some cases, for example in vehicles, where bid security is considered not essential, it could be dispensed with.) The bid security may be accepted in the form of: Account Payee Demand Draft. Fixed Deposit Receipt. Banker’s Cheque. Bank Guarantee from any of the Commercial Banks in an acceptable form. The bid security is normally to remain valid for a period of forty-five (45) days beyond the final bid validity period. Bid security of the unsuccessful bidders should be returned to them at the earliest after the expiry of the final bid validity and latest on or before the 30th day after the award of the contract. Forfeiture of EMD: EMD of a tenderer will be forfeited, if the tenderer withdraws or amends its tender or impairs or derogates from the tender in any respect within the period of validity of its tender. Further, if the successful tenderer fails to furnish the required performance security within the specified period, its EMD will be forfeited. Article No.182.2 Performance Security To ensure due performance of the contract, Performance Security is to be obtained from the successful bidder awarded the contract. Performance Security is to be obtained from every successful bidder irrespective of its registration status etc. Performance Security should be for an amount of five to ten percent of the value of the contract in case of goods and five percent (50% to be retained till completion of the whole of the works and 50% to be retained till the end of defects liability period) of the contract price works. Similarly, Retention money should be five percent of the contract value in works. There is no retention money for goods. Performance Security may be furnished in the form of any one of the following: Account Payee Demand Draft. Fixed Deposit Receipt from a Commercial bank. Bank Guarantee from Commercial Bank in an acceptable form, safeguarding the purchaser’s interest in all respects.
5806-revisedkvsaccountcode.docx