Section 52(2) in Punjab Transparency in Public Procurement Act, 2019
(2)A bidder who, -(a)withdraws from the procurement process after opening of financial bids; or(b)withdraws from the procurement process after being declared the successful bidder; or(c)fails to enter in to procurement contract after being declared the successful bidder; or(d)fails to provide performance security or any other document or security required in terms of the bidding documents after being declared the successful bidder, without valid grounds,shall in addition to the provisions of section 26 be punished with fine which may extend to fifty lakh rupees or ten per cent of the assessed value of procurement, whichever is less.
