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21. Thus the offer made by the Appellants for the supply of power as per the provisions of the PPA (forming part of the RFP Project document) had been duly accepted and conveyed to the Appellants. Therefore, it is stated that the Appellant had already accepted the RFP Project document unconditionally and the LOI was issued on 17.07.2008 and the same was accepted by the Appellants. The concluded contract came into existence from that date onwards.

22. This apart, the definition of RFP as provided in clause 40 of the RFP would show that RFP includes the Request for Proposal along with all schedules, annexures and RFP Project 16 of 51 documents etc. It is accepted by both the parties that all the documents i.e. PPA, Default Escrow Agreement, Agreement to Hypothecate and any other agreements entered into between the procurer and the seller would constitute the part of the RFP Project Document.

23. It is true that under clause 2.1.7 of the RFP, the invocation of the bid bond presupposes the concluded contract by way of award of contract but the real invocation or encashment of the bid bond is not at all consequential on the prior annulment of the contract. There are 3 grounds given under clause 2.12.2 of the RFP document which can be invoked by the procurer for the invocation/encashment of the bid bond. These are:

(i) Failure to execute the PPA and other RFP Project documents;