Section 79(2) in Punjab Panchayat Samitis and Zila Parishads Finance, Budget and Accounts Rules, 2014
(2)Whenever a private person or firm contracts to supply stores or execute a work, he or it should, unless exempted by the Panchayat Samiti or the Zila Parishad, as the case may be, to do so, be required to give security for the fulfillment of his or its contract and a suitable provision regarding security should be incorporated in the agreement.
