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Tender Definition

Tender Definition

Tender - It is the contractor's bid writing offering to execute the specified work of construction or supply of material or equipment at the rates and amount offered in the bid and within the time limit and under conditions specified and agreed.

Tendering - The process of inviting bids and accepting them is called tendering, Tender documents. The set of other information supplied to the contractor to enable him to offer his bid along with the tender notice is called a tender document.

Tender Definition

Tender notice - The information to be given to the general public for getting the bid for executing a construction work or supply of material or equipment through newspapers or putting notices on The office notice board and pasting this information on public places is called tender notice.

Earnest money - At the time of submitting a tender, the tenderer is required to deposit about 2% of the estimated cost of the contract value of the project with the department. This amount is known as the Earnest money deposit (EMD). This money is collected in order to avoid the refusal from the contractor to accept the contract, once the contract is awarded to him. It is also collected to avoid unnecessary competition by avoiding the contractors, who may not have sound financial status. If the lowest quoted contractor refuses to take up the work, his E.M.D. will be forfeited. However, the E.N.D. of unsuccessful contractors will be refunded to them.

Security money - After the acceptance of the tender of a contractor, the contractor has to deposit about 10% of the tender amount with the client. This amount is inclusive of the 2% amount already deposited by him. This deposit is called a security deposit (S.D.). This deposit serves as a guarantee that the contractor will perform the work as per specifications and also will maintain satisfactory progress. This deposit usually is refunded to the contractor after 6 to 12 months from handing over the work to the client.

Specifications - Specifications are instructions that provide technical requirements of work and give details of the job to be carried out. Specifications supplement the drawings.

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