Bid security

The bid security is set at not less than three per cent of the price tendered by the bidder and is submitted with the tender. The securities of the successful bidder and the bidder submitting the second most economically advantageous tender are retained until the contract is signed; the securities of the other bidders are returned after the award decision becomes final. If the bidder declines to sign the contract, the bid security is forfeited and recorded as revenue. If the validity period and content of the letter of guarantee do not comply with the standard form, the tender is excluded from evaluation.