Section 79F in Rajasthan Transparency in Public Procurement Rules, 2013
79F. Earnest Security.
(1)The Project Proponent shall furnish interest-free Earnest Security, as a token of sincerity and good faith, amounting to 0.05% of the total estimated cost of the project through demand draft or bank guarantee, acceptable to the Administrative Department concerned, with a validity period of not less than 180 days commencing from the date of submission of detailed and comprehensive proposal (including claim period of 60 days), to be extended as may be mutually agreed, from time to time. The Bid shall be summarily rejected if the detailed and comprehensive proposal is not accompanied by the Earnest Security.(2)The Project Proponent shall also submit the requisite Bid Security as specified in the Bid Document, in case the bidding process is initiated under the proposed project by the Administrative Department concerned. [The Bid Security shall be calculated on the basis of the total estimated cost of the Project as per the detailed project report.] [Inserted by Rajasthan Notification No. G.S.R. 79, dated 28.8.2015 (w.e.f. 24.1.2013).] The Project Proponent shall be required to furnish the Bid Security as specified in the Bid document by the last date and time fixed for submission of bids under the bidding process initiated for the proposed project. The Earnest Security furnished by the Project Proponent earlier shall be adjusted against the Bid Security. If Project Proponent fails to furnish Bid Security of required amount within the time specified in Bid Document, his Earnest Security shall be forfeited and he shall have no right as the Project Proponent.
