Examples of EMD in a sentence
If MMTC has terminated the contract according to Section 3, or if MMTC is entitled to terminate the contract according to Section 3, MMTC shall be entitled to demand and recover from the Vendor liquidated damages equivalent to 5% of the Contract value or the amount equivalent to EMD whichever is higher.
Bidder has to submit the required document as mentioned at Clause 8.0 (Part A) for participating in this E- auction subject to submission of requisite EMD on the day of E-auction.
Jewellers/Bullion Dealers/Traders/Exporters and RBI approved/designated Banks who has completed the formalities of KYC compliance with seller at least before 10 working days prior to date of Auction for the purpose of participation in “E-Auction” and paying the requisite EMD and registered at Service Provider and who makes or places a bid for and purchases the auction property either in part or in full is considered as a bidder.
On payment of EMD, seller/Service Provider activate the User – Identity to enter into the E-auction portal.
Once the eligible bidders list is finalized by MMTC, the MMTC service provider would map eligible bidders to Lots for which the EMD submitted.