Section 62(2) in The Orissa Development Authorities Rules, 1983
(2)On acceptance of a tender, the tenderer shall, before execution of the contract, make an initial security deposit equivalent to one per cent of the value of the contract, payable in the shape of cash, Government security, National Saving Certificate or in the shape of such other securities as may be approved by the Authority :Provided that a tenderer holding engineering degree or diploma shall not be required to deposit earnest money under Sub-rule (1) and initial security deposit under Sub-rule (2).
