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Section 21
Bid Security
(1) The bidder must submit security as specified with the bid.
(2) The surety submitted in accordance with sub-section (1) shall be forfeited in the following cases:-
(a) If after the period mentioned in sub-section (1) of section 19 the tenderer requests to revise or withdraw the tender,
(b) If the bidder does not accept that the arithmetical error in the bid has been corrected,
(c) If the selected bidder does not enter into the purchase agreement in accordance with the conditions mentioned in the bidding documents,
(d) If the bidder fails to provide the performance bond mentioned in the bidding documents within the time limit for entering into the purchase agreement,
(e) If the bidder changes the price or essence of the bid while providing any information requested by the public body in accordance with sub-section (4) of section 23 in connection with the bid examination,
(f) In case of acting contrary to the conduct according to section 62.
(3) After the completion of the purchase agreement as per section 52, the public body shall return the bid security of the bidder who entered into such purchase agreement and the security deposit of the bidder who does not have to confiscate the security according to sub-section (2).
(2) The surety submitted in accordance with sub-section (1) shall be forfeited in the following cases:-
(a) If after the period mentioned in sub-section (1) of section 19 the tenderer requests to revise or withdraw the tender,
(b) If the bidder does not accept that the arithmetical error in the bid has been corrected,
(c) If the selected bidder does not enter into the purchase agreement in accordance with the conditions mentioned in the bidding documents,
(d) If the bidder fails to provide the performance bond mentioned in the bidding documents within the time limit for entering into the purchase agreement,
(e) If the bidder changes the price or essence of the bid while providing any information requested by the public body in accordance with sub-section (4) of section 23 in connection with the bid examination,
(f) In case of acting contrary to the conduct according to section 62.
(3) After the completion of the purchase agreement as per section 52, the public body shall return the bid security of the bidder who entered into such purchase agreement and the security deposit of the bidder who does not have to confiscate the security according to sub-section (2).