(1) A bidder whose bid is accepted shall, while furnishing the performance security pursuant to sub-section (4) of Section 27 of the Act, furnish the performance security issued by a commercial bank in the format specified in the bidding documents within the time referred to in sub- section (3) of Section 27 of the Act
(2) In submitting the performance security referred to in sub- rule (1), the amount referred to in sub-section (4) of Section 27 of the Act shall be set out.
(3) In the case of a procurement contract which does not set out the amount pursuant to sub-rule (2), such a performance security
as stipulated in the bidding documents by the public entity shall be furnished.
(4) Unless otherwise provided for in the procurement contract, the validity period of the performance security referred to in sub-rule (1) shall exceed at least one month beyond the last period of time for the supply or delivery of the goods or the warranty period or the defects liability period of the construction work referred to in such a contract.
(5) The performance security issued by a foreign bank shall be valid only if it is counter-guaranteed by a commercial bank established in Nepal.