Section 54
Validity Period Of Bid
A public entity shall, in specifying the validity period of a bid or proposal of consultancy services in the bidding documents or documents relating to request for proposal, specify the period as follows:
(a) Ninety days for a bid or proposal of consultancy service with the cost estimate of up to on one hundred million rupees,
(b) One hundred and twenty days for a bid or proposal of a consultancy service with the cost estimate whatsoever exceeding one hundred million rupees.