(1) An applicant who makes an application pursuant to Section 50 of the Act shall submit cash amount or bank guarantee having the validity period of at least of ninety days equivalent to 0.1 (zero decimal one) percent amount of the amount quoted by him or her in the bid or proposal.
(1a) In making an application to the review committee against the evaluation of a proposal of such nature as the price cannot be set out such as a prequalification or technical proposal, there shall be furnished a security equivalent to a lump sum amount specified subject to the proviso to sub-section (1) of Rule 53 in the case of the prequalification proposal and equivalent to the amount to be set by ten percent of the bid security in the case of the technical proposal.
(2) If the cash amount or bank guarantee referred to in sub- rule (1) is not furnished, the review committee shall not take action on the application made to it.
(3) If the claim made in the application is sustained in making a decision pursuant to the Act and this Regulation, the review committee shall return such security to the applicant within seven days of such a decision being made.