(1) According to the nature of the procurement, the public body shall set a fixed amount within the limit of two to three percent of the approved cost estimate amount, which shall be applied equally to all bidders, in the notice of invitation to tender, the bidder shall mention the bid security amount to be submitted with the bid. Such amount should be in cash or a bid guarantee equal to hundred issued by a commercial bank or financial institution. However, in the event that the bid is not disclosed or the unit rate is disclosed only, the public body may set a lump sum amount for the bid bond in the bid documents or pre-qualification documents and notice of bid invitation.
(2) The valid period of the bid security as per sub-rule (1) should be at least thirty days more than the valid period of the bid.
(3) If a bidder requests the public body inviting bids to disclose that the bid security issued by a particular commercial bank or financial institution is not acceptable, such public body shall respond immediately in this regard.
(4) The bid guarantee issued by a foreign bank must be counter-guaranteed by a commercial bank within Nepal.
(5) The public body should conclude the purchase agreement within the validity period of the bid. If for some reason the purchase agreement cannot be concluded within that period, a letter will be sent to all the successful bidders to extend the validity period of the bid.
(5a) The public body shall send a letter to extend the validity period of the bid as per sub-rule (5) only if there is sufficient basis to confirm the reasons for extending the validity period of the bid. If the validity period of the bid is extended due to the reason of not evaluating the bid in time or not making a timely decision regarding the submitted evaluation without such basis and reason for extending the validity period of the bid, if there is a loss due to that, then the responsibility of the employee involved in such work and the officials of the evaluation committee will also be held.< br> (6) SubAccording to the letter according to rule (5), the bidder can decide whether to extend the validity period of the bid or not. The bid security of the bidder who does not extend the validity period of the bid cannot be confiscated. The bidder who extends the validity period of the bid shall submit a bid guarantee by extending the validity period from the relevant bank accordingly. In this way, if the bidder does not submit the bid security after extending the period, the validity period of the bid will not be considered to be extended.
(6a) According to sub-rule (6), the bidder who extends the validity period of the bid may not mention any additional conditions that are contrary to the provisions mentioned in the documents related to the bid.
(7) In the event that a bidder's bid security is forfeited, the relevant public body shall claim the security deposit amount deposited by him before the bank that issued such security within the period of validity of the security.
(8) The public body shall return the bid security, other than the bid security, which must be confiscated according to the Act or this regulation, to the relevant bidder within three days of the purchase agreement.