SECURITY DEPOSITS
(I) Amount of Security deposits are to be paid by the contractor for the due fulfilment of contracts. The security deposit/rate of recovery/mode of recovery on acceptance of tender shall be as under :
a. These security deposit for each work will be 5% of the contract value.
b. The rate of recovery will be at the rate of 10% of the bill amount till the full security amount is recovered.
c. Security Deposit will be recovered only from the running bills of the contract and no other mode of collecting security deposit such as security deposit in the form of instruments like BG FD etc. shall be accepted towards security deposit. Delayed and Late Tenders Tender upto the time indicated in NIT, are normally received in a Tender Box which is sealed at the closing time. ‘Delayed Tenders’ received between the closing time and time of opening and ‘Late tenders’ received after the opening of tenders can be considered if tenders have been received from established /reliable suppliers conferring substantial financial advantage subject to approval of the Railway Board in each case.
