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This document outlines the requirements and conditions for submitting a bid security in the form of a bank guarantee for the procurement of furniture for the ITI complex at Perumbakkam, Chennai under the Corporate Social Responsibility (CSR) initiative of POWERGRID. It specifies the obligations of the bidder and the issuing bank in relation to bid validity, bid withdrawal, and conditions for invoking the bank guarantee.
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How to fill out bid security template

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How to fill out bid security form

01
Start by obtaining the bid security form from the issuing authority or organization.
02
Read all instructions and guidelines provided with the form carefully.
03
Fill in the required information, including your name, business name, and contact details.
04
Specify the project or bid you are applying for.
05
Indicate the amount of bid security required and ensure it complies with the guidelines.
06
Include the date and any relevant reference or identification numbers.
07
Review the form for accuracy and completeness.
08
Sign and date the form as required.
09
Submit the form along with any required documents or payment.

Who needs bid security form?

01
Contractors participating in bidding for projects.
02
Companies submitting proposals for procurement or services.
03
Bidders in public and private tenders that require a bid security.

What is Bid Security Form?

The Bid Security is a Word document required to be submitted to the relevant address to provide certain info. It has to be filled-out and signed, which can be done in hard copy, or by using a particular software e. g. PDFfiller. It allows to fill out any PDF or Word document directly in your browser, customize it depending on your requirements and put a legally-binding e-signature. Once after completion, user can send the Bid Security to the appropriate receiver, or multiple ones via email or fax. The blank is printable as well due to PDFfiller feature and options proposed for printing out adjustment. Both in digital and physical appearance, your form will have got clean and professional outlook. You can also turn it into a template for further use, there's no need to create a new document from scratch. All that needed is to amend the ready template.

Template Bid Security instructions

Before starting filling out Bid Security .doc form, remember to prepared all the information required. It's a mandatory part, since some typos may cause unwanted consequences starting with re-submission of the whole entire and filling out with missing deadlines and even penalties. You have to be careful when writing down figures. At a glimpse, it might seem to be quite simple. Nevertheless, it's easy to make a mistake. Some use some sort of a lifehack keeping everything in another file or a record book and then attach this into sample documents. In either case, try to make all efforts and provide actual and genuine info in Bid Security .doc form, and check it twice while filling out all required fields. If you find a mistake, you can easily make amends when you use PDFfiller editing tool and avoid missing deadlines.

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A bid security form is a document submitted by bidders to guarantee that they will enter into a contract if their bid is accepted. It acts as a financial assurance for the project owner.
Bidders who wish to participate in a competitive bidding process are typically required to file a bid security form.
To fill out a bid security form, bidders should provide details such as the amount of security, the project name, their company information, and any additional requirements specified by the issuing authority.
The purpose of a bid security form is to protect the project owner from bidders who may withdraw their bid after the deadline, ensuring that bidders are serious and financially capable.
Information typically required on a bid security form includes the bidder's name, the bid amount, the duration of the bid validity, and the form of security provided (e.g., cash, bank guarantee).
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