Section 368(8) in Rules under the United Provinces Excise Act, 1910
(8)A sum equal to one-fourth of the bid offered by the highest bidder shall be paid in advance as security for due performance of the contract out of which two-third shall be paid immediately on the fall of the hammer in cash. If the Collector recommends the second highest bid for sanction by the Excise Commissioner, the second highest bidder will also be required to deposit the security amount as mentioned above.
