Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.Tender Committee Members have a right to inspect the sealed tender box before the beginningof the Tender Committee Meeting.The earnest money received while opening the tender box must be deposited immediately to thecompany account. Earnest money deposit of all contractors other than first, second and thirdshould be refunded immediately. Earnest money deposit of the second and third tenderer mustbe refunded within 15 days from the date of payment of security deposit by the lowest tenderer.The lowest tenderer must deposit the security deposit within 15 days, from the date of acceptanceof his tender and intimation.If the lowest tenderer fail to deposit the security deposit, his earnest money deposit should beforfeited.Maximum care must be taken to ensure refund of earnest money deposit within 30 days of all thecontractors. However, in case of certain conditions of policy nature the Management is not in aposition to execute such planned works or a situation may arise wherein execution of such worksis not necessary or in case where the Management is restrained by the Government in executingsuch works, the entire tender process should be cancelled and earnest money deposit shouldbe refunded to all the contractors..While refunding the earnest money deposit, the reason for cancellation of tender process mustbe clearly explained.If the L-I backs out, by forfeiting his EMD, the price-bid process should be cancelled and freshprice-bids should be called from short-listed contractors.For no reason, a pre-qualified bidder should be disqualified in future stages of consideration andthe set of criteria notified in the tender notice should be the only criteria for selecting the bidder.Security Deposit ; Security Deposit should be equivalent to 5% of the estimated cost. For minorworks, security deposit equivalent to 5% should be taken before issuing the work order.For major works, half of security deposit, i.e. 2-1/2% of the estimated cost can be demandedbefore issuing the work order and the balance 2-1/2% can be recovered during the payment ofrunning account bills at 10% of the bill amount.The security deposit is to be refunded on expiry of three months from the date of payment of finalbill unless specifically mentioned otherwise.While making payment of every running bill, an amount equivalent to 5% should be held asretention money.MANUAL ON ESTATE & ESTABLISHMENT111