FREAK LOW QUOTES. In case after opening of price bid of techno-commercially cleared firms, it is noted that the L-1 firm has quoted very low rates and indicates to withdraw from the tender then EMD shall be forfeited and the firm may be given tender holiday including intimation to other PSUs. However in case the vendor agrees to take-up the job with such low quote and if the rates quoted are found less than GRSE Estimate by 30% and also if the difference in rate between L1 & L2 is 30% or more then the firm will have to give additional Security Deposit of 20% of Order value. There shall not be any exemption applicable against this additional Security Deposit.
Appears in 6 contracts
Samples: 164.100.154.65, 164.100.154.65, www.grse.in
