Section 11- Standard Forms (BID)
Section - 11
STANDARD FORMS (BID)
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Section 11- Standard Forms (BID)
FORM OF BID SECURITY
[This Guarantee form shall be filled in accordance with the instructions indicated in brackets]
------------------------------------- [insert issuing agency’s name, and address of issuing branch or office]
Beneficiary: Project Director
Integrated Watershed & Water Resources Management Project,
2nd Floor, Mahaweli Centre Building,
No. 96, Ananda Coomaraswamy Mawatha
Colombo 07.
Date: ----------- [insert (by issuing agency) date]
BID GUARANTEE No.: --------------------------------------- [insert (by issuing agency) number]
We have been informed that ---------------------------------------------- [insert (by issuing agency) name of the
Bidder] (hereinafter called "the Bidder") has submitted to you its bid dated ----------------------------- [insert
(by issuing agency) date](hereinafter called "the Bid") for the execution of ‘Rehabilitation of
Meiyankal Tank radial gates (Improvements to Spill Structure of Meiyankal tank)’ under
Invitation for Bids No. LK-MOMDE-321760-CW-RFB (“the IFB”).
Furthermore, we understand that, according to your conditions, Bids must be supported by a Bid Guarantee.
At the request of the Bidder, we ---------------------------------------------- [insert name of issuing agency]
hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of ----------------
[insert amount in figures] ----------------------------------------------------------- [insert amount in words])
upon receipt by us of your first demand in writing accompanied by a written statement stating that the
Bidder is in breach of its obligation(s) under the bid conditions, because the Bidder:
(a) has withdrawn its Bid during the period of bid validity specified; or
(b) does not accept the correction of errors in accordance with the Instructions to Bidders (hereinafter
“the ITB”) of the IFB; or
(c) having been notified of the acceptance of its Bid by the Employer/Purchaser during the period of
bid validity, (i) fails or refuses to execute the Contract Form, if required, or (ii) fails or refuses to
furnish the Performance Security, in accordance with the ITB.
This Guarantee shall expire: (a) if the Bidder is the successful bidder, upon our receipt of copies of the
Contract signed by the Bidder and of the Performance Security issued to you by the Bidder; or (b) if the
Bidder is not the successful bidder, upon the earlier of (i) the successful bidder furnishing the performance
security, otherwise it will remain in force up to --------------- (insert date)
Consequently, any demand for payment under this Guarantee must be received by us at the office on or
before that date ------------------------
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