The applicant making an application in accordance with Section 50 of the Act shall submit a cash amount equal to one percent of the amount agreed by him in the bid or proposal or a bank guarantee with a validity period of at least ninety days.
(1a) In case of application before the review committee for the evaluation of proposals of a non-disclosed nature such as pre-qualification or technical proposal, in the case of pre-qualification proposals subject to the restrictive clause of sub-rule (1) of rule six, a security equal to the specified lump sum and in the case of technical proposals ten percent of the bid security. Should be kept.
(2) If the cash amount or bank guarantee as per sub-rule (1) is not submitted, the review committee will not take action on the application before it.
(3) In making a decision in accordance with the Act and these regulations, if the petition is successful, the review committee shall return the deposit amount to the petitioner within seven days from the date of the decision.