Common use of FORFEITURE OF EMD Clause in Contracts

FORFEITURE OF EMD. The EMD may be forfeited, if: i. The bidder withdraws the bid after opening during the period of validity. ii. The bidder does not accept the correction of error in bid price. iii. The successful bidder fails within the specified time limit to acknowledge the LOA/Order. iv. The bidder fails to furnish the required Security Deposit. v. Non-performance of the contract by the Contractor. vi. If any registered vendor with Fixed EMD withdraws its bid prior to finalisation of the order and during the period of bid validity, the Fixed EMD as deposited by the vendor shall be liable to be forfeited.