GAIL (India) Limited MECON LIMITED

6. Earnest Money: 6.1 The bidder must pay Earnest Money as given in the letter /notice invitingtenders and attach the official receipt with the tender failing which thetender is liable to be rejected and representatives of such tendererswill not be allowed to attend the tender opening. Earnest Money canbe paid in Demand Drafts or Bank Guarantee or Banker’s Cheque orLetter of Credit from any Indian scheduled bank or a branch of anInternational bank situated in India and registered with ReserveBank of India as scheduled foreign bank. However, other than theNationalised Indian Banks, the banks whose BGs are furnished,must be commercial banks having net worth in excess of Rs. 100crores and a declaration to this effect should be made by suchcommercial bank either in the bank guarantee itself or separately ona letter head.The bid guarantee shall be submitted in the prescribed format .Note: The Bank Guarantee so furnished by the tenderer shall be in theproforma prescribed by the EMPLOYER. No interest shall be paid bythe EMPLOYER on the Earnest Money deposited by the tenderer.The Bank Guarantee furnished in lieu of Earnest Money shall be keptvalid for a period of "SIX MONTHS" from the date of opening oftender.(TWO MONTHS beyond the bid due date).The Earnest Money deposited by successful tenderer shall be forfeitedif the Contractor fails to furnish the requisite Contract PerformanceSecurity as per clause 24 hereof and /or fails to start work within aperiod of 15 days or fails to execute the AGREEMENT within 15 daysof the receipt by him of the Notification of Acceptance of Tender.Note: The Earnest Money of the unsuccessful bidder will be returnedby EMPLOYER/CONSULTANT, directly to the tenderer (s), withina reasonable period of time but not later than 30 days after theexpiration of the period of bid validity prescribed by EMPLOYER.7 Validity: 7.1 Tender submitted by tenderers shall remain valid for acceptance for aperiod of "4 MONTHS" from the date of opening of the tender. Thetenderers shall not be entitled during the said period of 4 months,without the consent in writing of the EMPLOYER, to revoke or cancelhis tender or to vary the tender given or any term thereof. In case oftender revoking or canceling his tender or varying any term in regardthereof without the consent of EMPLOYER in writing, the EMPLOYERshall forfeit Earnest Money paid by him alongwith tender.8 Addenda/Corrigenda 8.1 Addenda/ Corrigenda to the Tender Documents will be issued in duplicateprior to the date of opening of the tenders to clarify documents or toreflect modification in design or CONTRACT terms.8.2 Each addenda/ corrigendum issued will be issued in duplicate to eachperson or organisation to whom set of Tender Documents has beenissued. Recipient will retain tenderer's copy of eachAddendum/Corrigendum and attach original copy duly signed alongwith his offer. All Addenda/Corrigenda issued shall become part ofTender Documents.9 Right of Employer toAccept or Reject Tender:9.1 The right to accept the tender will rest with the EMPLOYER. TheEMPLOYER, however, does not bind himself to accept the lowesttender, and reserves to itself the authority to reject any or all the