Bid Security

Sub-Section 1

A bidder shall provide as prescribed bid security along with the bid.



Sub-Section 2

The security furnished pursuant to Sub-section (1) shall be forfeited

in the following conditions:-

• If the bidder requests for modification or withdrawal of bid during the validity period of bid, after the deadline for the submission of bids,
• If the bidder refuses to accept the correction of arithmetical errors found in the bid,
• If the selected bidder fails to sign the procurement contract in accordance with the terms and conditions set forth in the bidding documents,
• Where the bidder fails to furnish the performance security as set forth in the bidding documents within the time for signing the procurement contract,
• If the bidder has changed the bid price or substantive matter of the bid while providing any information in response to clarification sought by the Public Entity pursuant to Subsection(4) of Section 23 in the course of examination of bids.
• If any act contrary to conduct as referred to in Section 62 is committed.



Sub-Section 3

After the conclusion of a procurement contract under Section 52, the Public Entity shall return the bid security of the bidder who has signed the procurement contract and the bid security of those bidders whose bid security is not liable to forfeiture pursuant to Sub-section (2).