(1) A bidder shall provide as prescribed bid security along with
the bid.
(2) The security furnished pursuant to Sub-section (1) shall be forfeited
in the following conditions:-
(a) If the bidder requests for modification or withdrawal of bid
during the validity period of bid, after the deadline for the
submission of bids,
(b) If the bidder refuses to accept the correction of arithmetical
errors found in the bid,
(c) If the selected bidder fails to sign the procurement contract in
accordance with the terms and conditions set forth in the
bidding documents,
(d) Where the bidder fails to furnish the performance security as
set forth in the bidding documents within the time for signing
the procurement contract,
(e) If the bidder has changed the bid price or substantive matter of
the bid while providing any information in response to
clarification sought by the Public Entity pursuant to Sub-
section (4) of Section 23 in the course of examination of bids.
(f) If any act contrary to conduct as referred to in Section 62 is
committed.
(3) After the conclusion of a procurement contract under Section 52, the
Public Entity shall return the bid security of the bidder who has signed the
procurement contract and the bid security of those bidders whose bid security is
not liable to forfeiture pursuant to Sub-section (2).