Section 76(3) in Rajasthan Transparency in Public Procurement Rules, 2013
(3)If the bidder, whose bid has been accepted, fails to sign a written procurement contract or fails to furnish the required performance security with in specified period, the procuring entity shall take action against the successful bidder as per the provisions of the Act and these rules. The procuring entity may, in such case, cancel the procurement process or if it deems fit, offer for acceptance the rates of lowest or most advantageous bidder to the next lowest or most advantageous bidder, in accordance with the criteria and procedures set out in the bidding documents.
