Earnest Money amounting to 2 percent of the estimated value of the work for which tender has been called for, shall have to be deposited by all intending tenderers.
In order to get more participants and obtain better competition in procurement through GeM, it is decided to include following categories of sellers/ service providers, in addition to our existing provisions, for exemption of EMD deposit in GeM.
Additional Performance Security when the bid rate is 80% or less of the Estimate put to tender and no increase in scope of work of projects during execution phase.
To prevent unnecessary blocking of earnest money of the unsuccessful bidders, the bid evaluation committee shall carry out the financial evaluation of the tender just after financial bid opening (selection of L1 bidder) and all the unsuccessful bids shall be “REJECTED”.
Procedure for Transfer of EMD received online through the e-tender portal to the Security Deposit Head of Account maintained at the Treasury/PAO.
e-Procurement – Linking of Bank Account with ICICI Payment Gateway is required for online receipt/ refund/ settlement of and EMD/ Tender Fees for the e-tenders.
Online receipt and refund of EMD (Earnest Money Deposit) of e-procurement through State Government e-procurement portal: https://wbtenders.gov.in/
In respect of EMD/SD money, refund will be drawn on sanction of respective Departmental Officer in whose favour amount has been deposited through GRIPS portal.
Labour Co-operative Societies are exempted from payment of Earnest Money against all tenders of the Government. These Societies, if selected through tender, will have to furnish requisite Security Deposit.
EMD of the bidders disqualified at the technical evaluation will revert to the respective bidders accounts without any manual intervention following the same path in which the EMD was transferred from the bidder’s bank account to the pooling account electronically.
A security deposit of 12.5 lakhs was necessary for exemption of earnest money deposit while participating in tender. Such provision from Public Works Code is deleted.