EMD Clause Samples
The EMD (Earnest Money Deposit) clause defines the requirement for a buyer to provide a deposit as a sign of good faith when entering into a contract, typically in real estate or procurement transactions. This clause specifies the amount of the deposit, the timeline for payment, and the conditions under which the deposit may be forfeited or refunded, such as if the buyer fails to complete the transaction or if certain contingencies are not met. Its core practical function is to demonstrate the buyer’s commitment to the deal and to protect the seller from potential losses if the buyer backs out without valid reason.
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EMD. 6.1.1 Bidders shall furnish EMD of the amount as mentioned in Section III Data Sheet except Micro and Small Enterprises (MSEs) as defined in MSE Procurement Policy issued by Department of Micro, Small and Medium Enterprises (MSME) or Department or Start-ups as recognized by Department of Industrial Policy & Promotion (DIPP) on submission of a valid registration certificate as per the Government of India rules. In case of a JV, the EMD shall be furnished by the Lead Member (refer clause 6.9.11 of ITB) EMD for the amount mentioned above shall be deposited to IWAI Fund through RTGS in the following account:
i.) Name of Bank Account: IWAI FUND
ii.) Bank Name and Address Union Bank of India, Sector 15, Noida
iii.) Bank Account Number 513202050000007
EMD. 6.1.1 Bidders shall furnish EMD of the amounts as mentioned in Section III Data Sheet except Micro and Small Enterprises (MSEs) as defined in MSE Procurement Policy issued by Department of Micro, Small and Medium Enterprises (MSME) or Department or Startups as recognized by Department of Industrial Policy & Promotion (DIPP) on submission of a valid registration certificate as per the Government of India rules. EMD for the amount mentioned above shall be deposited to IWAI Fund through RTGS in the following account:
i.) Name of Bank Account: IWAI FUND
ii.) Bank Name and Address Union Bank of India, Sector 15, Noida
iii.) Bank Account Number 513202050000007
EMD. EMD is not applicable. Bidders have to sign “Bid Security Declaration” accepting that if they withdraw or modify their bid during the period of validity etc., they will be suspended for a period of two years from being eligible to submit bids in SCCL (Annexure-A).
EMD. Original copy of instrument for payment of EMD to be deposited duly discharged by the firm.
EMD. 6.1.1 Bidders shall furnish EMD of the amounts as mentioned in Section III Data Sheet. In case of a JV, the EMD shall be furnished by the Lead Member. EMD for the mentioned amount shall be deposited to IWAI Fund through RTGS in the following account i) Name of bank account: IWAI FUND
EMD. The firms are required to deposit ▇▇▇▇▇▇▇ Money as indicated above failing which the tenders are liable to be rejected. Manufacturing Micro & Small Enterprises (MSEs) of the State, Central or Haryana Public Sector Enterprises and ―approved sources‖ as declared by the Industries Department, Haryana, are exempt from the deposit of EMD.
EMD is to be paid either in cash / Bank Guarantee from nationalize bank /Bank Draft, in favor Uranium Corporation of India Limited, payable at State Bank Of India, Jaduguda Branch, Code No. 0227. Tenders received without ▇▇▇▇▇▇▇ money deposit shall be summarily rejected
EMD. 6.1.1 Bidders shall furnish EMD of the amount as mentioned in Section III Data Sheet except Micro and Small Enterprises (MSEs) as defined in MSE Procurement Policy issued by Department of Micro, Small and Medium Enterprises (MSME) or Department or Startups as recognized by Department for Promotion of Industrial and Internal Trade (DPIIT) on submission of a valid registration certificate as per the Government of India rules. EMD for the mentioned amount shall be deposited to IWAI Fund through RTGS in the following account:
i) Name of bank account: IWAI FUND
ii) Bank name and address: Union Bank of India, Sector 15 Noida
iii) Bank account Number: 513202050000007
iv) IFSC: UBIN0551325
6.1.2 Bids not accompanied by EMD shall be rejected as non-responsive.
6.1.3 No interest shall be payable by the Employer for the sum deposited as ▇▇▇▇▇▇▇ money deposit.
6.1.4 The EMD of the unsuccessful bidders would be returned within one month of signing of the contract.
6.1.5 The EMD shall be forfeited by the Employer in the following events:
(i) If Bid is withdrawn during the validity period or any extension agreed by the Bidder thereof.
(ii) If the Bid is varied or modified in a manner not acceptable to the Employer after opening of Proposal during the validity period or any extension thereof.
(iii) If the Bidder tries to influence the evaluation process.
(iv) If the First ranked ▇▇▇▇▇▇ withdraws his proposal during negotiations (failure to arrive at consensus by both the parties shall not be construed as withdrawal of Proposal by the Consultant)
(v) In case the Bidder, submits false certificate in terms of any documents supported to such Tender.
(vi) If the Bidder fails to sign the contract in accordance with conditions of contract on receipt of award of work
(vii) If the Bidder fails to furnish the security deposit in accordance with conditions of contract.
(viii) In case of a Bidder revoking or withdrawing his Tender or varying any terms in regard thereof without the consent of the Employer in writing, his ▇▇▇▇▇▇▇ money paid along with the tender shall be forfeited.
EMD. 6.1.1 Bidders shall furnish EMD of the amounts as mentioned in Section III Data Sheet. In case the bidder wishes to quote for more than one ▇▇▇▇▇▇▇, then the bidder should furnish separate EMD for each stretch. In case bidder wishes to apply for one stretch only, then the bidder shall submit EMD mentioned against that stretch. In case of a JV, the EMD shall be furnished by the Lead Member. EMD for the amount mentioned above shall be deposited to IWAI Fund through RTGS in the following account i) Name of Bank Account: IWAI Fund
EMD. 6.1.1 Bidders shall furnish EMD of the amount as mentioned in Section III Data Sheet except Micro and Small Enterprises (MSEs) as defined in MSE Procurement Policy issued by Department of Micro, Small and Medium Enterprises (MSME) or Department or Startups as recognized by Department for Promotion of Industrial and Internal Trade (DPIIT) on submission of a valid registration certificate as per the Government of India rules. In case of a JV, the EMD shall be furnished by the Lead Member (refer clause 6.9.11 of ITB) EMD for the amount mentioned above shall be deposited to IWAI Fund through RTGS in the following account:
i.) Name of Bank Account: IWAI FUND INTERNAL RECEIPTS
ii.) Bank Name and Address Canara Bank, ▇▇▇▇▇ ▇▇▇▇▇▇, Noida
iii.) Bank Account Number 90622150000086
iv.) IFSC 6.1.2 Bids submitted without EMD shall CNRB0018778 be rejected as non-responsive.