Section 7
To Furnish Deposit
7. To furnish deposit:
(1) The person who makes a tender or makes a bid in an auction or Dutch auction pursuant to a notice published under Section 5 shall make a deposit in a sum to be set by five per cent of the amount bid by him or her if he or she is a citizen of Nepal and by ten per cent of the amount bid by him or her if he or she is not a citizen of Nepal with his or her nearby governmental revenue office or customs office or bank in the name of the office or authority publishing such a notice in such a manner as prescribed, and send the original receipt thereof within a draft note tender if the draft or note tender has been made and where a bid is made, the same has to be deposited with the office or authority inviting for a bid.
(2) Except in cases where a deposit is to be forfeited pursuant to section 13 or other prevailing Nepal law, the deposit furnished pursuant to Sub-section (1) shall be returned to the person who has furnished it within thirty days after the date of rejection of the tender or bid made or undertaken by that person.
(3) Where the deposit of any person is not returned within the time as referred to in Sub-section (2) except for any reasonable reason, the person who has furnished the deposit may also claim an annual interest by ten percent of the figure of the deposit
(1) The person who makes a tender or makes a bid in an auction or Dutch auction pursuant to a notice published under Section 5 shall make a deposit in a sum to be set by five per cent of the amount bid by him or her if he or she is a citizen of Nepal and by ten per cent of the amount bid by him or her if he or she is not a citizen of Nepal with his or her nearby governmental revenue office or customs office or bank in the name of the office or authority publishing such a notice in such a manner as prescribed, and send the original receipt thereof within a draft note tender if the draft or note tender has been made and where a bid is made, the same has to be deposited with the office or authority inviting for a bid.
(2) Except in cases where a deposit is to be forfeited pursuant to section 13 or other prevailing Nepal law, the deposit furnished pursuant to Sub-section (1) shall be returned to the person who has furnished it within thirty days after the date of rejection of the tender or bid made or undertaken by that person.
(3) Where the deposit of any person is not returned within the time as referred to in Sub-section (2) except for any reasonable reason, the person who has furnished the deposit may also claim an annual interest by ten percent of the figure of the deposit