(1) Within fifteen days after the proposal is selected in accordance with rule 17 or information regarding the implementation of the project is received in accordance with rule 18 or sub-rule (8) of rule 19, the proposer shall pay an amount equal to zero point one (0.1) percent of the cost estimate of the project and of the project without cost estimate. In case, the amount specified by the Ministry or a guarantee equal to that amount or a guarantee (vide bond) issued by a commercial bank should be filed with the Ministry.
(2) The surety filed in accordance with sub-rule (1) shall be forfeited in the following cases:-
(a) If a person informs the Ministry that he has separated from the joint venture after submitting a proposal and if the remaining person is unable to implement the project or if another person with similar qualifications cannot be included in the undertaking,
(b) In accordance with Section 10 of the Act, if the proponent does any work contrary to the memorandum of understanding or preliminary project agreement, (c) If the proponent fails to submit the details required to be submitted according to section 11 of the Act within the time limit written in the same section.