(1) No later than Fifteen days of the
selection of the proposal pursuant to Rule 17 or of the receipt of
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information on the implementation of the project pursuant to Rule 18 or
Sub-rule (8) of Rule 19, the proponent has to furnish with the Ministry the
amount to be set by 0.1 percent of the cost estimate of the project and such
amount as specified by the Ministry in the case of a project of which cost
estimate has not been made or a security equivalent thereto or a bid bond
equivalent thereto issued by a commercial bank.
(2) The bid bond/security furnished pursuant to Sub-rule (1) shall be
forfeited in the following circumstances:
(a) Where the proposal has been submitted by a joint
venture, any person gives information to the Ministry
that he/she has detached from the venture and the
remaining persons alone do not appear able to
implement the project or they fail to include another
person with the same qualifications in the venture,
(b) Where the memorandum of understanding or
preliminary project agreement has been concluded
pursuant to Section 9 of the Act, the proponent does
any act in contravention of the memorandum of
understanding or preliminary project agreement.
(c) The proponent fails to submit the details required to be
submitted pursuant to Section 10 of the Act within the
time limit as referred to in that Section.