Bid Security

- The Bidder shall furnish, as part of his Bid, a bid security in the amount of one percent (1 %) to three percent (3 %) of the Bid Price.

- The bid security shall, at the Bidder’s option, be in the form of a certified check, bank draft, standby letter of credit or bank guarantee from a bank proposed by the Bidder and acceptable to the Owner or bond from a surety company proposed by the Bidder and acceptable to the Owner. The format of the bank guarantee or bond shall be in accordance with the sample form of bid security attached to the Instructions to Bidders; other formats may be permitted, subject to prior approval of the Owner. Letters of credit, bank guarantees and bonds issued as surety for the Bid shall be valid for 28 days beyond the validity of the Bid.

- Any Bid not accompanied by an acceptable bid security or a bid security which will be valid for the required validity period of the bid security as specified in 2) above shall be rejected by the Owner as non-responsive.

- The bid securities of unsuccessful Bidders will be returned without interest as promptly as possible, but not later than 28 days after the expiration period of the Bid validity.

- The bid security of the successful Bidder will be returned without interest when the Bidder has signed the Contract and furnished the required performance security.

- The bid security may be forfeited

- If the Bidder withdraws his Bid during the period of Bid validity

- If the Bidder does not accept the correction of his Bid Price, pursuant to Sub-Clause 1.25.2); or

- In the case of a successful Bidder, if he fails within the specified time limit to

(i) Sign the Contract, or

(ii) Furnish the required performance security.

- A Bid with Alternative Bids submitted by a Bidder pursuant to Sub-clause 1.15.2) shall be considered as one Bid and shall be accompanied by a bid security based on the proposal with the highest total Bid Price.

- The currency of the bid security shall correspond to the currency of the Bid Price.

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