Specifications

36
NLUO PMC CONTRACTOR
SIGNATURE AND SEAL SIGNATURE AND SEAL SIGNATURE AND SEAL
b) Retention Money
Besides the ISD as deposited by the contractor in the above said manner, the retention money shall be deducted from the
running account bills at the rate of 5% of the gross value of work done by the contractor and claimed in each such bill
provided that the total security deposit i.e. the ISD plus Retention Money both taken together shall not exceed 5% of the
contract value. Provided further that in the event, the cumulative gross value of work done exceeds the accepted value of
tender, total security deposit shall not exceed 5% of such gross value. 50% of the total security deposit shall be refunded to the
contractor without any interest on issue of Virtual Completion certificate by the Architect/consultant. The balance 50% of the
total security deposit shall be refunded to the contractor without interest within fifteen days after the end of defects liability
period provided the contractor has satisfactorily attended to all defects in accordance with the conditions of contract including
site clearance.
Earnest Money Deposit.
f. The tenderers will submit the earnest money of Rs 8,00,000.00 (Rupees Eight lakhs Only)in the form of Demand
draft.
g. EMD in any other form other than as specified above will not be accepted. Tender not accompanied by the EMD is
liable to be rejected.
h. No interest will be paid on the EMD.
i. EMD of unsuccessful tenderers will be refunded within 15 days of award of contract.
j. EMD of successful tenderer will be retained as a part of security deposit.
10.0. Refund of Security Deposit.
10.1. No interest shall be paid on the amount retained by the N.L.U.O as Security Deposit.