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bangladesh power development board tender document for ... - BPDB

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conversions shall be made on the basis of the selling rates <strong>for</strong> the relevantcurrencies quoted by the Sonali Bank on the date of Tender closing and applicableto similar transactions.27.0 TENDER SECURITYThe Technical & Financial Proposals shall be accompanied by a Tender Security inthe sum not less than US Dollar 300,000 (USD three hundred thousand) in the <strong>for</strong>mof an unconditional and irrevocable Bank Guarantee (on non-judicial stamp) by ascheduled bank in Bangladesh or a <strong>for</strong>eign bank authenticated by a Scheduled Bankin Bangladesh payable in favour of Secretary, Bangladesh Power DevelopmentBoard, WAPDA Building, Motijheel Commercial Area, Dhaka-1000, Bangladesh. SuchBank Guarantee shall remain valid <strong>for</strong> a period of twenty-eight [28] days beyondthe original validity period of Tender or beyond any period of extensionsubsequently requested under ITT Clause 3.0 days from the date of opening of theTender. If a Tenderer withdraws its Tender during the period of Tender validityspecified by the Tenderer on the Tender Form, the Tender Security shall be<strong>for</strong>feited. The scheduled bank shall guarantee that after conclusion of successfulcontract negotiation between the Board and the selected Tenderer and uponBoard's issuing notice of award of contract to the successful Tenderer giving himfifteen (15) day's notice to enter into contract with the Board within the abovenotice period. Otherwise the Security and the Bank Guarantee shall be liable to be<strong>for</strong>feited to the Board. Failure to enclose the Tender Security with the Proposalshall automatically disqualify the Proposal concerned. A Proposal with a TenderSecurity in an amount less than US $ 300,000 (USD three hundred thousand) willnot be considered and will be rejected. The Tender Securities of all theunsuccessful Tenderers will be returned without interest after the successfulTenderer has signed the contract and furnish the Per<strong>for</strong>mance Security. Specimen<strong>for</strong>m of the Tender Security is furnished in Appendix -1.28.O PERFORMANCE SECURITYThe Contract shall be accompanied by a Per<strong>for</strong>mance Security in the <strong>for</strong>m of anirrevocable & unconditional Bank Guarantee issued by a Scheduled Bank inBangladesh on behalf of the Contractor's banker. The Per<strong>for</strong>mance Security shallbe in a penal sum not less than ten percent (10%) of the accepted Tender,conditioned <strong>for</strong> the complete and faithful per<strong>for</strong>mance of the Contract according toits tenor and effect and the satisfaction of obligations <strong>for</strong> the materials used andlabour employed in the same, and shall insure the payment of any obligations,damages, liquidated damages or expenses <strong>for</strong> which the Contractor may becomeliable to the Board. The Contractor's Per<strong>for</strong>mance Security under thesespecifications shall remain in full <strong>for</strong>ce and effect until the Contractor has fullyper<strong>for</strong>med the Contract including the maintenance and warranty periods set <strong>for</strong>th inthe scope of works of the Technical Requirements. Unless a different period oftime is allowed in the Notice of Tender, the Contract shall be signed by thesuccessful <strong>tender</strong>er within twenty eight (28) days after receipt of notice of award.The specimen of Per<strong>for</strong>mance Security is furnished at Annexure-5.At the time of executing the Contract, the Tender Security shall be returned withoutinterest to the Contractor after he has furnished to the satisfaction of the Board thePer<strong>for</strong>mance Security in accordance with the terms and conditions stipulated herein26

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