L2 bidder definition
Examples of L2 bidder in a sentence
In case of rebate/ premium of 15% and above as quoted by the tenderer, the rate analysis of major items shall be submitted by L1 and L2 bidder after demand notification by e-mail to bidders by Ex. Eng.
In case of splitting of the contract between two parties, the L2 bidder shall match the rate with L1 bidder.
If the successful bidder fails to comply the technical specification as per RFP, after bid finalization then his Rate contract for that item may be terminated and work may be assigned to L2 bidder or vice versa.
In that case, WBSEDCL may move to L2 bidder and the liabilities due to this difference of cost will be recovered from the L1 bidder.
In case the service of L1 bidder has been terminated by DICGC for a particular bank DICGC will appoint L2 bidder for the respective bank.
However, the L2 bidder should not be rejected till the LOI process is successful.
In the event L2 bidder does not agree to match L1 price, full tender quantity will be allocated to L1 bidder.
Bid security of L2 bidder will also be refunded after execution of agreement by the successful bidder.
In such scenario, the L2 bidder has to match the L1 Price and execute the project at the L1 Price for the entire contract duration.
If the L1 bidder accepts the LOI and the same is processed electronically in the e-Procurement portal, BSD of the L2 bidder will be refunded through an automated process, to his/her bank account from which he/she had made the payment transaction.