1 STEEL AUTHORITY OF INDIA LIMITED IISCO STEEL ... - Mjunction

6. Terms of payment6.1 Earnest Money Deposit : On receipt of the EMD amount of the Successful Biddersagainst their booked quantity, by transfer from Service Provider, SAIL-ISP shall adjust thesame against the Security Deposit of the respective bidders.6.2 Security Deposit:a) The sucessful Bidders have to furnish non-interest bearing Security Deposit representing5% of the full value of the material allocated (limited to the bid quantity) on the basis of theprice quoted within 07.05.2010. However, payment will be accepted after receipt ofapproval which may take 3 to 5 days from the auction date.b) If the transferred amount of EMD deposit amount falls short of Security Deposit afteradjustment, the balance amount has to be submitted within 07.05.2010. However, paymentwill be accepted after receipt of approval which may take 3 to 5 days from the auction date.If EMD amount is more that than the Security Deposit, the excess amount will be adjustedagainst the material value deposit. No interest shall accrue on the Security Deposit or theEMD submitted.The amount of Security Deposit shall be retained by ISP and refunded on satisfactorycompletion of the contract.6.3 Material Value : Non-interest bearing material value (including ST/VAT, Market Fees andother applicable levies) is to be deposited in advance by the successful bidders for the valueof the allocated quantity within 07.05.2010. ( However, payment will be accepted afterreceipt of approval which may take 3 to 5 days from the auction date). Material value wouldcover bid price plus applicable taxes and levies.6.4 Delivery Order (DO) will be issued as early as possible after receipt of Security Deposit andmaterial value of allocated quantity of Jhama and approval of competent authority.6.5 Security Deposit and material value payments are to be made in the form of DD/PO infavour of “Steel Authority of India Limited – IISCO Steel Plant” drawn on a ScheduledBank and payable at Burnpur/Asansol and are to be deposited at the Office of SeniorManager Sales, SAIL – ISP, Chasnalla along with the debit advice issued by the bank,certifying that DD/ Pay Order has been issued by debiting the account of the concernedbuyer.Bank collection charges, if applicable shall be borne by the Successful Bidder/s.6.6 Material value payment would be non-interest bearing and would be adjusted against thematerial value at the time of dispatch.6.7 Failure to deposit any or all of the above payments within the stipulated period will result intermination of contract without any notice to the Successful Bidder/s, along with forfeiture ofEMD/ Security Deposit and the bidder will not be eligible to participate in any future Tender/ Auction / Fixed Price Sale Notice for Jhama for six months from the date of Auction.7. Procedure for material delivery7.1 SAIL-ISP shall issue Delivery Orders to the Successful Bidders after realization of payment.against Security Deposit and material value. The Buyer has to submit the option before the6