TIRUPATI URBAN DEVELOPMENT AUTHORITY - TIRUPATHI ...

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Tirupathi Urban Development Authority Within Seven (7) days from the date of issue of the LOA, the Selected Developer shall accept the LOA return it to TUDA. The Selected Developer shall execute the Development Agreement within forty-five (45) days of acceptance of LOA. In case, the Selected Developer fails to do so it shall forfeit its Bid Security and the Bidder who submitted the Third Proposal would be asked to match the Selected Developer’s offer and sign the Development Agreement within the time stipulated herein above. If the Bidder refuses to match the offer, its Bid Security shall not be forfeited. 5.12.3 In case the Section 5.10, Section 5.12.1 and Section 5.12.2 do not result in any of the three top ranked Bidders or Original Project Proponent signing the Development Agreement under commercial terms of Second Proposal or that of Original Project Proponent, whichever is better, the Bidder who submitted the Second Proposal shall forfeit its Bid Security and be relieved from the Bid process. At this stage, the Bidder who submitted the Third Offer would be notified in writing by TUDA. Simultaneously, the Original Project Proponent would also be notified of the Commercial Offer in writing. If the Third Proposal is superior to the commercial terms of Original Project Proponent, the same would be invited to match the terms of Third Proposal within time period similar to that earlier used for Preferred Proposal. In the event that the Original Project Proponent matches the Commercial Offer of the Third Proposal, TUDA shall issue the Letter of Award (LOA) to the Original Project Proponent. If the Original Project Proponent is not willing/ refuses to match the commercial terms of the Third Proposal, the Bidder who submitted the Third Proposal shall be selected by TUDA for issuance of LOA. In the event that the commercial terms of Original Project Proponent are superior to that of Third Proposal, TUDA shall issue the LOA to the Original Project Proponent at terms given by it in its commercial offer. Within Seven (7) days from the date of issue of the LOA, the Selected Developer shall accept the LOA and return it to TUDA. The Selected Developer shall execute the Development Agreement within forty-five (45) days of acceptance of LOA. In case, the Selected Developer fails to do so it shall forfeit its Bid Security. TUDA reserves the right to give more time to the three top ranked Bidders; reject their Bids; or invite fresh Bids. In such a case the entire bid security, if any, submitted by the Selected Developer shall be forfeited. However, TUDA on receiving request from the Selected Developer, may at its absolute discretion, permit extension of the aforesaid period of forty-five (45) days for execution of the Development Agreement. 5.12.4 TUDA will notify other Bidders that their Bids have been unsuccessful. The Bid Security of • the Bidders who submitted the Preferred Proposal, Second Proposal and Third Proposal, if the Original Project Proponent is the Selected Developer; or • the Bidders who submitted the Second Proposal and Third Proposal, if the Selected Developer is the Bidder who submitted the Preferred Proposal, Request For Proposal Development of Integrated Tourism Temple Township on Public Private Partnership Basis 29
Tirupathi Urban Development Authority shall be returned as mentioned in Section 4.4.3. Bid Security of other bidders will be returned as promptly as possible, in any case not later then 56 days from the Evaluation Date. Request For Proposal Development of Integrated Tourism Temple Township on Public Private Partnership Basis 30
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TIRUPATI URBAN DEVELOPMENT AUTHORITY - TIRUPATHI ...

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