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Subject: Earnest Money

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.

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Additional Performance Security when Bid is 80% or Less

Published in Finance

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.

Instant Release of EMD for Unsuccessful Bidders

Published in Public Works

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”.

Transfer of EMD to Security Deposit Head Account

Published in Finance

Procedure for Transfer of EMD received online through the e-tender portal to the Security Deposit Head of Account maintained at the Treasury/PAO.

Linking of Bank Account with ICICI Payment Gateway

Published in Finance

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.

Earnest Money Deposit through e-Procurement Portal

Published in Finance

Online receipt and refund of EMD (Earnest Money Deposit) of e-procurement through State Government e-procurement portal: https://wbtenders.gov.in/

Refund of Tax/ Non-Tax Revenue incl. EMD/ SD Money

Published in Finance

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.

Exemption of Earnest Money for Labour Co-operative Societies

Published in Finance, Labour

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.

Online Receipt and Refund of EMD through e-Tender Portal

Published in Finance

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.

Security Deposit and Earnest Money: Amendment in PWD Code

Published in Public Works

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.

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