Section 30(2)(iv) in The Punjab Minor Mineral Concession Rules, 1964
(iv)no bid shall be regarded as accepted unless confirmed by Government. On completion of the auction the result will be announced and provisionally selected bidder shall immediately deposit 25 per cent amount of bid for one year [as security and shall offer one surety solvent in the sum of his bid for the whole contract for due observance of the terms and conditions of the contract. He shall also deposit immediately the following amounts as advance contract money [Substituted by Haryana Government Notification GSR 122/CA67/51/S. 15/Amd(1), dated 1.7.1977.] :-