EARNEST MONEY
(I) It is a security against loss in the event of the contractor failing to undertake the contract or to furnish the required security within the appointed time after acceptance of his tender, or until such time as the sums due to him form a sufficient guarantee.
(II) Amount of Earnest Money:
The tenderer shall be required to deposit earnest money along with the tender as a guarantee for the due performance of the conditions of the tender and to keep the offer open till such date as specified in the tender. The earnest money shall be 2% of the estimated tender value as indicated in the tender notice. The amount shall be rounded to the nearest ₹10. This earnest money requirement shall be applicable for all modes of tendering.