Performance Guaranty/ Security. On the date of signing of Contract, the successful bidder shall furnish the Performance Guaranty / Security in accordance with the Conditions of Contract, in the Performance Guaranty / Security Form provided in the bidding documents. Failure of the successful bidder to comply with the requirement of instructions to the bidders shall constitute sufficient grounds for the annulment/termination of the award and forfeiture of the bid Security, in which event the Procuring Agency may make the award to the next lowest evaluated bidder or call for new bids.
Appears in 8 contracts
Samples: eproc.punjab.gov.pk, Bidding Document, eproc.punjab.gov.pk
Performance Guaranty/ Security. On the date of signing of Contract, the successful bidder shall furnish the 5% Performance Guaranty / Security in shape of CDR/Bank Draft/ Bank Guarantee accordance with the Conditions of Contract, in the Performance Guaranty / Security Form provided in the bidding documents. Failure of the successful bidder to comply with the requirement of instructions to the bidders shall constitute sufficient grounds for the annulment/termination of the award and forfeiture of the bid Security, in which event the Procuring Agency may make the award to the next lowest evaluated bidder or call for new bids.
Appears in 3 contracts
Samples: eproc.punjab.gov.pk, eproc.punjab.gov.pk, eproc.punjab.gov.pk
