Section 14(3) in Tamil Nadu Transparency In Tenders Rules, 2000
(3)The tender documents shall require that as a guarantee of the tenderers performance of the contract, a security deposit be taken from the successful tenderer subject to the conditions that.-(a)the amount of the deposit not exceeding five per cent of the value of the orders placed: and(b)the deposit being in the form of demand draft or bankers cheque or specified small savings instruments or where the Procuring Entity deems fit, irrevocable bank guarantee in a prescribed form.
