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Note: Cost of drawings and specifications will be extra. This may be


decided in consultation with integrated finance at the time of issuing the
RFP.
4.7.2 Bid security: To safeguard against a bidder's withdrawing or altering his
bid during the bid validity period in the case of advertised or limited tender
enquiry, Bid Security (also known as Earnest Money Deposit) is to be
obtained from the bidders. The bidders should be asked to furnish the bid
security along with their bids.
4.7.3 Amount of Bid Security: Amount of bid security should ordinarily range
between two percent to five percent of the estimated value of the goods to
be procured. The exact amount of bid security should be determined
judiciously while processing the proposal for CFA's approval and indicated
in the RFP.
4.7.4 Form of Bid Security: The bid security may be accepted in the form of
Account Payee Demand Draft, Fixed Deposit Receipt, Banker's Cheque or
Bank Guarantee from any of the public sector banks or a private sector
bank authorized to conduct government business, as per Form DPM-13,
safeguarding the purchaser's interest in all respects.
4.7.5 VaIidity of the Bid Security: The bid security is normally to remain valid
for a period of forty-five days beyond the final bid validity period.
4.7.6 Refund of Bid Security of Bidders: Bid securities of the unsuccessful
bidders should be returned to them at the earliest after expiry of the final
bid validity and latest on or before the 30
th
day after the award of the
contract. The Bid Security of the successful bidders should be returned,
without any interest whatsoever, after the receipt of Performance Security
from them as called for in the contract.
4.7.7 Exemption from Submission of Bid Security: Bid security is not
required to be obtained from those firms who are registered with the
Central Purchase Organization (e.g. DGS&D), National Small ndustries
Corporation (NSC) or concerned Departments or Ministries of the
Government of ndia. Bid security need not be asked for if the value of the
tender is Rs two lakh or less.
4.7.8 Forfeiture of the Bid Security: The bid security/earnest money will be
liable to be forfeited if the bidder withdraws or amends, impairs or
derogates from the tender in any respect within the validity period of his
tender. No separate order is required for forfeiture of Bid Security which
follows on default and should be credited at once to the Government
Account.
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