BID DOCUMENT - IDCO

Infrastructure Development Corporation, Bhubaneswar on any Nationalized Bank payable at Bhubaneswar
and the Bank Guarantee or Bank Draft thereof should be enclosed with the tender amount to be furnished
along with the tender shall not be less than the amount specified in the Tender Call Notice.
6. Chief General Manager/ General Manager or any authorized officer will open the tenders in the presence of the
intending contractors who may be present at the time and will enter the amounts of the tenders in a
comparative statement in a suitable form. In the event of a tender being rejected the earnest money forwarded
there with shall thereupon be returned to the tenderer.
7. The Corporation shall have the right to reject all or any of the tenders without assigned any reason thereof.
8. In the event of a tender being selected for acceptance, the Corporation inform the tenderer of his selection,
who shall thereupon sign copies of the specification and other documents mentioned in rules 1 and 4 for the
purpose of identification, within ten days being called upon to do so, failing which the offer will be rejected with
forfeiture of EMD. The tenderer of the selected tender shall also deposit the required amount of the Security
money (2% of tendered value) within the prescribed time. If the selected tenderer fails to deposit the required
amount of the security money in shape of Demand Draft or Bank Guarantee, the Corporation may reject the
tender with forfeiture the earnest money. Format for such Bank Guarantee (both as EMD and Initial Security
Deposit to be treated as Performance Guarantee) is enclosed. However, the Contractor may furnish both EMD
and ISD in shape of Bank Draft on any nationalized Bank payable at Bhubaneswar in favour of Orissa
Industrial Infrastructure Development Corporation.
9. When a tender is selected for acceptance, the tenderer shall deposit in the Corporation Office the required
amount of the security money in shape of Bank Guarantee in the prescribed form on any nationalized bank
located in the State of Orissa or Bank Draft in favour of the ‘Orissa Industrial Infrastructure Development
Corporation’ on any nationalized Bank in Bhubaneswar. No tender shall be finally accepted until the required
amount of the security money has been deposited.
10. The amount of initial security deposit money to be deposited by the tenderer whose tender is selected for
acceptance shall be 2(two) percent (including EMD already deposited) of the tendered amount of the work. The
security money shall be deposited by the selected tenderer within such time as may be notified to him in writing
by the Corporation, failing which tender shall be liable for rejection and Earnest money may be forfeited. This
ISD will be released after successful completion of work and preparation of final bill.
11. When tender has been selected for acceptance and the required amount of the security money has been
deposited, the authorized officer of the Corporation shall scrutinize all pages of the Item rate tender and
contract for works to see that the form has been properly filled up and signed by the Contractor and the
signature of witnesses. He shall then, if he is competent to accept the tender, sign the acceptance of the tender
or if he is not so competent, shall send the tender document for acceptance to the officer competent to accept
it.
In addition to the earnest money deposit (at the time of submission of tender) and security money (to be
deposited by the selected tenderer before drawl of agreement) a further deduction of 5 (Five) percent will be
made from each and every bill of the Contractor towards performance security by the Corporation. The entire
(5%) security money so deducted will be released to the Contractor after one calendar year from the
date of completion of the work.
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