If any tender or bid has been approved in accordance with this Act for the settlement of the contract, if the tenderer or the person giving the bid or the person making the bid does not collect the payment within the prescribed period or does not collect the lease, the deposit kept by him in accordance with section 6 shall be forfeited. The government will take charge.

However, even though such person is present to collect customs deposit or lease, if such deposit or lease is not given to him, his deposit will not be confiscated according to this sub-section.