Supply Chain Management

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1 REF:CAC/CONT/PEC/Maintenance/OPS/17 M/S Sub: Annual Contract for Maintenance / operation of welding Machines and Maintenance / Repair of Lathe & Milling Machines and Air-conditioning equipment at Precision Engineering Complex Karachi. Dear Sirs, We are pleased to invite your sealed tenders for the Contract mentioned above. In case of more than one schedule separate tender for each schedule should be furnished. The terms & conditions of the tender/ supplies are given below:- A) SUBMISSIONOF TENDER 1. You are required to send your tenders addressed to General Manager (Procurement), PIA Procurement & Logistics Building JIAP Karachi latest by Hrs.The tenders may be dropped in the tender box marked as Tender Box Commercial Purchases placed at the entrance of the PIA Procurement & Logistics Building latest by 10:00 hours on the specified date. You may also send your tenders through registered A/D mail addressed to General Manager (Procurement), which must reach before the closing date and time mentioned above. Tenders will be opened at10:30 hours the same day in the presence of tenderers. 2. Tenders received after stipulated date & times hall not be considered. The Corporation will not be responsible for postal delays. The decision of General Manager (Procurement) in this respect shall be final and binding. 3. Bidders are required to submit a Pay Order of Rs.3000/-(Non-Refundable) as tender fees along with Technical Proposal (Local Bidders). B) EARNEST MONEY (Local Bidders) The Tender should be accompanied a Pay Order payable ( v a l i d f o r 9 0 d a y s f r o m t h e d a t e o f t e n d e r o p e n i n g ) e q u i v a l e n t t o 2 % o f t o t a l b i d v a l u e in the name of M/S PAKISTAN INTERNATIONAL AIRLINES as interest free Earnest Money (Refundable). Earnest Money in any other shape shall not be accepted. Earnest / Security Money deposited against a running contract (s) purchase orders(s) shall not be transferable as earnest money for any other tender. All tenders without Earnest Money shall not be considered. C) SECURITY DEPOSIT (Local Bidders) The successful tenderer upon award of Contract / Purchase Order will be required to furnish security deposit (pay order) in the amount equivalent to 5% of total tender value stated in the Letter of Acceptance as interest free Security deposit and to remain valid 3-months after the expiry period of the Contract. The Earnest Money already held can be converted into Security Deposit and balance amount if any shall be deposited as above. Page 1 of 17

2 D) PREPARATION OF TENDER Single Stage Two Envelope Basis The BID (Tender) submitted shall comprise of a single package containing two sealed envelopes, each envelope shall be marked and will contain FINANCIAL and TECHNICAL proposal. On the given tender opening date only Technical Proposal will be opened in the presence of tenderers available. The Financial Proposal shall be shown to the parties but will be retained with PIA without being opened. After Technical Evaluation of the received Technical Proposals, Financial Proposals will be opened publicly at the date, time & venue to be announced and will be communicated to the bidders in advance. PIA will open the Financial Proposals publicly of the parties whose Technical Proposals have been found acceptable. Financial Proposals of the technically not-acceptable bids shall be returned un-opened to the respective bidders. E) PREPARATION OF TENDER - TECHNICAL PROPOSAL: All mandatory requirements are given in the schedule Please give all the available technical details of the items offered by you, supported with the technical literature, brochure, drawings and pictures, client list details, authorization certificates etc. BIDS / Tenders / Technical Proposal received shall be evaluated in accordance with the given technical specifications. PIA s requirements with Technical Specifications are given. Bidders MUST: Be registered with Sales Tax Authorities. (Please attach copy of Registration Certificate). Quote Rates, GST, and other taxes separately. Bid on Prescribed Proforma issued by PIA. Affix the company seal on all tender documents. Mention clearly Tender Reference on TOP RIGHT CORNER OF PROPERLY SEALED ENVELOPE, BEARING COMPANY S STAMP F) PREPARATION OF TENDER FINANCIAL PROPOSAL The tenders should be enclosed in double cover. The inner cover should be sealed having enclosed the following documents: a) Schedule A duly filled in, signed and sealed. b) Original Pay Order for Earnest Money. c) Undertaking on Rs. 100/= above non-judicial Stamp Paper duly signed and stamped by a Public Notary Oath Commissioner. d) The outer cover should bear address of the General Manager (Procurement), PIA P&L Building, Karachi Airport and reference number of the tender with opening date of tender. e) All information about the services /material proposed to be supplied must be given as required in the schedule to tender. Page 2 of 17

3 G) PRICES a) The Prices mentioned in the tender will be treated as firm till the completion of Purchase Order / Contract. b) The Prices must be stated both in words and figures. Additional information, if any must be linked with entries on the Schedule to Tender. c) Offers must be valid for 90 days. H) Duration of Contract Contract will be awarded for the period one year further extendable two more terms on same rates terms and condition subject to satisfactory performance on mutual consent basis. GM (Procurement) Enclosed: Schedule A Work of Scope TOR Evaluation Criteria SLA Draft Integrity Pact Undertaking to Execute the Contract Page 3 of 17

4 Tender Schedule A Annual Contract for Maintenance and operation of equipment & System (welding Machines,lathe & milling machines and Air-conditioning etc). S/NO 01 DESCRIPTION Annual Contract for Maintenance / operation of welding Machines, Maintenance / Repair of Lathe & Milling machines and Air-conditioning at Precision Engineering Complex Karachi. Monthly Amount Rs. Tax Total Amount Annual Amount Rs. 2% Earnest Money Rs. Total Monthly Amount (Rs.) Note: vendor must quote including all taxes manpower and maintenance, Repair, operation and equipments. Tenderer s Signature Name in Full Designation Address: Phone / Fax # C.N.I.C. # Seal Date Page 4 of 17

5 SCOPE OF WORK 1. Operation and Maintenance of 02 TIG and 01 MIG welding machine qty. 03 ( ). 2. Maintenance of Conventional & CNC metal cutting machines as per following detail: (a) Conventional and CNC Lathes machines qty.11 (b) Conventional and CNC Milling machines qty.13 (c) Drilling machines qty.03 (d) Flow Forming machine qty Repair and maintenance of following Air Conditioning Equipment. (a) Chillers (04 30 Tons) qty.04 (b) Air Conditioner (Window type) qty.15 (c) Air Conditioner (Split type) qty.60 (d) Deep freezers / Refrigerators qty Maintenance tooling and safety gears to be provided by contractor. Page 5 of 17

6 TERMS OF REFERENCE 1. Provisioning of services for the operation & maintenance of following facilities at Precision Engineering Complex, PIA Karachi Airport for a period of one year, extendable for two terms based on performance of contractor to be determined by PEC during or after the expiration of every term. (a) TIG, MIG, Electric arc and Oxy Acetylene welding The welders should be skilled & experience and should hold welding course certificate from an organization of repute in TIG & MIG welding and should have minimum 05 years of experience. The welders might be tested and interviewed at the time of start of contract execution. (b) Periodic preventive maintenance and repair of chillers, Air Conditioners and water coolers of different makes and capacities. The team should be led by at least a Diploma Holder in Refrigeration & Air Conditioning having sufficient knowledge and experience in related field in a reputable organization. The other staff should also hold certificates of tech education in this field. (c) Maintenance of Conventional & CNC metal cutting machines as per following detail: (i) Conventional and CNC Lathe machines qty. 11 (ii) Conventional and CNC Milling machines qty. 13 (iii) Drilling machine qty. 03 (iv) Flow Forming machine qty The services will be required on double shift basis and five working days a week. However, contractor will provide services on weekends, if required, on additional payment at normal rates. 3. Safety gear & uniform with company logo to be provided by contractor. 4. If the equipment tools provided by Purchaser go out of order due to the negligence of the contractor s staff, this will be replaced / repaired by the Contractor free of charge. In case the Contractor is unable to fix up, the repair cost shall be deducted from the monthly bill. 5. The Contractor will be responsible for discipline of staff. They shall not take part in any union/cba/political activities. 6. Management of Purchaser may ask Contractor, based on unsatisfactory performance / discipline, to replace the staff. In this case, the company shall be informed formally in writing. 7. The Contractor Staff shall be responsible for proper housekeeping and daily maintenance/cleanliness of equipment / machines / tools / work station etc. 8. Cost of spare parts shall be borne by Purchaser but these can be supplied by the contractor on actual basis. 9. The contractor shall maintain all the tooling and allied equipment required for repair and maintenance purpose. Page 6 of 17

7 EVALUATION CRITERIA EVALUATION CRITERIA FORM FOR SERVICES FOR PRECISION ENGINEERING COMPLEX, KARACHI AIRPORT KARACHI. Company Name Total Marks Total Marks Obtained 1. COMPANY PROFILE Marks 10 Period since company is in related business. 1 Mark for one year of experience in related business. Experience Years Marks Marks Obtained 2. GENERAL EXPERIENCE Marks 20 Tasks of similar nature completed over last 05 years. 5 Tasks & 04 Marks for each task (Attach Certificate of successful Completion) Marks Marks Obtained 3. ORGANIZATIONAL STRUCTURE Marks 10 Attach detailed organization chart Marks Marks Obtained OFFICE SETUP Marks 10 a- Only one Branch Marks 04 b- 02 Marks for each additional branch Maximum 10 Marks total Marks Marks Obtained FINANCIAL SOUNDNESS / STATUS Marks 10 Working Capital Over 05 Million Working Capital Million Working Capital Million Working Capital Less than 02 Million Please attach documentary proof for verification. 10 Marks 06 Marks 04 Marks 02 Marks 6. CURRENT PROJECTS IN HAND Marks 20 Five Marks per each project. Maximum Marks REGISTRATION Marks 15 Valid NTN certificate Marks 05 Sales Tax Registration Marks 05 Pakistan Engineering Council Registration Marks CV S OF PRINCIPAL STAFF Marks 05 Maximum Marks: 100 Qualifying Marks: 75 Page 7 of 17

8 DRAFT CONTRACT Between Precision Engineering Complex PEC, PIA, KARACHI PAKISTAN and M/S This agreement is made between Precision Engineering Complex, P.I.A.C.L known as Purchaser and M/s known as the Contractor. Whereas it is agreed that Contractor will render services for the operation and maintenance and overhaul of equipment mentioned in Article 2. Articles: 1. Definitions 2. Scope of Work 3. Duration/Timing of Contract 4. Price 5. Terms of Payment 6. Modification/Amendments to the Contract 7. Force Majeure 8. Arbitration 9. Termination and Cancellation 10. Addresses and Communication 11. Coming into Force (Approvals) Annexure A Annexure B Essential List of Employees Terms of Conditions Article 1: Definitions: 1.1 Contract means agreement signed by Purchaser and Contractor for the operation and maintenance and overhaul equipment mentioned in article 2 installed at Precision Engineering Complex, PIAC, Karachi Airport. 1.2 Contractor means M/s having its registered office 1.3 Purchaser means Precision Engineering Complex PIACL (PEC) being the owner and user of equipment having its Head office at Karachi Airport. Articles 2: Scope of Work Page 8 of 17

9 2.1 Operation and Maintenance of 02 TIG and 01 MIG welding machine qty. 03 ( ). 2.2 Maintenance of Conventional & CNC metal cutting machines as per following detail: (a) Conventional and CNC Lathes machines (b) Conventional and CNC Milling machines (c) Drilling machines (d) Flow Forming machine qty.11 qty.13 qty.03 qty Repair and maintenance of following Air Conditioning Equipment. (a) Chillers (04 30 Tons) (b) Air Conditioner (Window type) (c) Air Conditioner (Split type) (d) Deep freezers / Refrigerators qty.04 qty.15 qty.60 qty Maintenance tooling and safety gears to be provided by contractor. Articles 3 Duration / Timing of the Contract 3.1 Provisioning of services for the operation & maintenance of following facilities at Precision Engineering Complex, PIA Karachi Airport for a period of one year, extendable for two terms based on performance of contractor to be determined by PEC during or after the expiration of every term. (a) TIG, MIG, Electric arc and Oxy Acetylene welding The welders should be skilled & experience and should hold welding course certificate from an organization of repute in TIG & MIG welding and should have minimum 05 years of experience. The welders might be tested and interviewed at the time of start of contract execution. (b) Periodic preventive maintenance and repair of chillers, Air Conditioners and water coolers of different makes and capacities. The team should be led by at least a Diploma Holder in Refrigeration & Air Conditioning having sufficient knowledge and experience in related field in a reputable organization. The other staff should also hold certificates of tech education in this field. 3.2 During this period, the contractor is responsible to operate / maintain the entire equipment from 0700 Hrs. to 2330 Hrs on two shift basis and deploy his staff as indicated in Annexure A. 3.3 Purchaser operates on 05 working days basis. However should the need be there, essential contractor s staff may be called on holidays and weekly off days for operation / maintenance. No compensation for the extra duties will be made by Purchaser. 3.4 Moreover all holidays are included in the contract and no extra charges shall be paid if the contractor staff is called on these holidays. Articles 4 Price 4.1 The contract is effective from to and the price against the scope of work stated under Article 2 shall be Rs. per month. Page 9 of 17

10 4.2 Subject to satisfactory performance, the contract may be extended for a period of another two terms on same rates, terms and conditions based on performance of contractor to be determined by PEC during or after the expiration of every term. 4.3 Cost of spare parts will be borne by Purchaser but these shall be supplied by the Contractor on actual charges. However, if value of supplied items for repair and/or overhaul is more than 0.1 million, the contractor will present three quotations with comparative statement for approval prior to supply of the required Spares. 4.4 The rates or amounts are inclusive of all taxes (income tax, GST, SST sales tax, professional tax etc.) duties, fees, royalties and charges of whatsoever nature payable to and levied from time to time by the federal or the provincial governments or local bodies, and no claim on this account shall be entertained by the Purchaser. 4.5 All taxes shall be deducted under the prevailing laws of the country. In this behalf Corporation being a withholding agent, is entitled to deduct withholding tax and sales tax on the supplies / services provided by the contractor of the invoices /billed amounts and deposit the same in the national exchequer under the relevant income Tax & Sales Tax Laws. 4.6 The contractor will provide Social Security data with its employee names, cards and other details within three months of the signing of the contract. Form P-03 of EOBI must be submitted on monthly basis by the contractor. 4.7 If the equipment / component goes out of order, due to the negligence of the contractor s staff, this would be replaced / repaired by the contractor free of charge. In case the contractor is unavailable to fix up, the repair cost will be deducted from the monthly bill. 4.8 Addition / Amendment in this contract may be made with mutual agreement. Director PEC will be competent authority for approving such changes upto financial impact of 02 Million. Articles 5 Terms of Payment 5.1 Billing has to be made on monthly basis upon submission of required documents to the attention of DGM Maintenance Precision Engineering Complex, PIA Karachi Airport Tele # / Articles 6 Modification / Amendments to Contract 6.1 No amendments / modification to the contract are valid unless made in writing and is signed by both Purchaser and the contractor. Director Precision Engineering Complex, PIA is the competent authority for such amendments / modifications upto financial impact not more than two (02) Million PKR curtailment / increase / change in services can be made under this article. Articles 7 Force Majeure 7.1 The contractor shall not be liable for delay in performing his obligations resulting from and force majeure causes as defined below, provided notice of such cause is given in writing to Purchaser not later than 15 days after the cause has come to the notice of the contractor. Page 10 of 17

11 a- Acts of God b- Acts of any Government Authority, domestic or foreign including but not limited to war. c- Sabotage, strike, lockouts 7.2 The onus to prove the causes of Force Majeure will rest with the contractor, if the force majeure situation lasts for more than a month, the contractor will sit with the authorized official of Purchaser and find some alternative solution. Articles 8 Arbitration Governing Laws & Dispute Resolution 8.1 The agreement shall be governed & interpreted in accordance with the laws of Pakistan. 8.2 The parties agree & submit themselves to exclusive jurisdiction of Courts at Karachi. 8.3 Any dispute between the parties arising out of the agreement shall not be settled otherwise than through Arbitration, which shall be held at Karachi, in a accordance with the Arbitration Act Director PEC, or his nominee shall be the sole arbitrator, whose award shall be binding upon the parties. Notwithstanding anything in this agreement, PIA may continue to utilize subject matter services of the agreement from contractor during the pendency of Arbitration. Articles 9 Termination & Cancellation 9.1 Any breach of the terms and conditions stipulated herein above on the parts of the contractor may render the contract liable for cancellation and in that event the Purchaser may forfeit the security deposit accumulated till the date of termination. 9.2 This contract can be cancelled and work stopped from time to time, temporarily or absolutely at any stage by the authorized agent of Purchaser without assigning any reason and contractor shall on no account be entitled to receive damages, loss or profits on accounts of any prior commitments made or entered into. The contractor shall only be entitled to his bills for works executed upto that period in accordance with the terms of this contract. Article 10 Address and Communication 10.1 The official address for Purchaser shall be the following: Precision Engineering Complex, PIA PEC Building, Karachi Airport Fax: Tel. No dgmmaintenance.pec@piac.aero 10.2 The official address of the contractor shall be following: M/S Fax: E- mail: Page 11 of 17

12 10.3 Any notice to either party under this agreement shall be deemed to have been validity served if sent by registered mail, cable or fax to the retrospective address above Changes of address, if any shall be notified through registered mail to the other party duly acknowledged by the recipient party. Article 11 Coming in to Force 11.1 This Contract will become effective from after signatures of the purchaser and the contractor and will be executed as per Article 3 of this contract. IN WITNESS WHEREOF The parties hereinto set their hands On the days, month and the year Mentioned hereinabove For and the behalf of Pakistan International Airlines Signature & Seal Name: Designation: For and on behalf of Contractor Signature & Seal Name: Designation: Witness 1: Witness 1: 1. Signature: Signature: 2. Name: Name: 3. N.I.C. N.I.C. 4. Address: Address: Witness 2: Witness 2: 1. Signature: Signature: 2. Name: Name: 3. N.I.C. N.I.C. 4. Address: Address: Page 12 of 17

13 Annexure A Essential List of Employees S/NO DESCRIPTION QTY UNIT Supervisors DAE with 07 Years Experience (Mechanical / Electronic) (Other specialties for machine maintenance have to be supported with staff for efficient execution of work) Certified Welders (03) years experience in TIG and MIG welding). In case of absence of welder, suitable replacement is to be provided. 3. Machine & A/C Maintenance team 01 No. 01 No. No. of workers as per requirement No. Page 13 of 17

14 Annexure B Other Terms and Conditions: 1. If the equipment / component or part goes out of order, due to the negligence of the contractor s staff, this would be replaced / repaired free of charge by the Contractor, in case the contractor is unavailable to fix up, the repair cost will be deducted from the monthly bill. 2. The contractor must maintain a daily check sheet indicating on/off timing, of plants welding progress chart of Maintenance / servicing information to the concerned Engineer / officer for record and reference. 3. Contractor is responsible for any delay, damage, stoppage of work etc caused due to nonavailability of required staff. 4. If the attendance of the contractor staff is below 85% of the authorized roll, Rs. 400 per person per day shall be deducted from the monthly bill. Also contractor will be responsible for stoppage of work etc. due to non availability of staff. Maximum 30 leaves will be allowed per year to the contractor employees. 5. None of the duty staff of contractor shall be taken away from site without prior permission of concerned Purchaser Engineer / Officer. 6. If the contractor fails to restore the serviceability of the system within a reasonable / specified time as given by the PEC management, a penalty of 2% per day of the monthly bill will be imposed subject to a maximum amount of 10% of the monthly charges. If the failure persists the PEC has the right to terminate the contract. 7. The contractor should have sufficient experience in operation / maintenance of system and the operation/maintenance job be carried out by semi-skilled staff and rectification, defect maintenance / servicing, replacement of defective parts / spares by the qualified Technicians. 8. The successful bidder must provide of his employees with copies of the CNIC Cards with Sr. No. 1 x1 photographs with verification from Police Authorities regarding their character/political activities, so that Purchaser premises entry passes can be issued. A list of staff with their educational qualifications, experience, henceforth should be submitted to Purchaser for approval. Purchaser management may to work at Purchaser equipment interview the employees and allow only suitable person. 9. An attendance Register will be maintained and the same will be kept with Purchaser representative deputed for job. 10. Deputy General Manager Maintenance or his representative will see from time to time that above instructions are being strictly followed. 11. In case of faulty workmanship, Purchaser shall have the rights / option to have the work performed by any other suitable party at the risk and cost of maintenance contractor. 12. In case equipment / part thereof is required to be removed from the system for purpose of repair / modification permission of concern Engineer or nominated representative is to be obtained. 13. All equipments will be operated by semi-skilled and maintenance / overhauling / servicing / rectification of defect will be done by experienced / qualified mechanics under an experienced and qualified supervision. Page 14 of 17

15 14. The contractor or his employed labor shall not indulge in any activity detrimental to the interest of the Purchaser and in case of its occurrence the Purchaser shall be justified in imposing such penalty which it deems fit. No participation in union / CBA / Association activities political activities is allowed to contract staff. 15. If any spare part is supplied by the contractor for rectification of machines during overhauling / servicing the unserviceable parts / spare will be returned to our Purchaser Stores and the Purchaser will pay the bill (in accordance with Article 4.3 of the contract) of contractor on production of original cash memos including extra charge not exceeding 5% excluding labour charges. The material will be checked by Purchaser nominees / project Engineer / officer before installation / replacement of the same. 16. In every case in which by virtue of the provision of workman compensation Act 1923, as amended/altered from time to time, Purchaser is obliged to pay compensation to workman employed by the contractor in execution of works, and remedies, Purchaser shall be at the liberty to recover amount of compensation or any part thereof so paid by deduction it from security deposit /bank guarantee or form any other sums due by the Purchaser to the contractor. The Purchaser shall not be bound to contest any claim made against it expect on written request of contractor and upon this giving to Purchaser full security for all costs and expenses for which Purchaser becomes liable in consequences for contesting such a claim. Page 15 of 17

16 INTEGRITY PACT / DISCLOSURE CLAUSE (To be submitted on Company s Letterhead) Declaration of Fees, Commissions and Brokerage Etc. Payable by the Suppliers, Vendors, Distributors, Manufacturers, Contractor & Service Providers of Goods, Services & Works the Seller / Supplier / Contractor hereby declares its intention not to obtain the procurement of any Contract, right, interest, privilege or other obligation or benefit from Government of Pakistan or any administrative sub-division or agency thereof or any other entity owned or controlled by it (GOP) through any corrupt business practice. Without limiting the generality of the forgoing the Seller / Supplier / Contractor represents and warrants that it has fully declared the brokerage, commission, fees etc., paid or payable to anyone and not given or agreed to give and shall not give or agree to give to anyone within or outside Pakistan either directly or indirectly through any natural or juridical person, including its affiliate, agent, associate, broker, consultant, director, promoter, shareholder sponsor or subsidiary, any commission, gratification, bribe, finder s fee or kickback whether described as consultation fee or otherwise, with the object of obtaining or including the procurement of a contract, right, interest, privilege or other obligation or benefit in whatsoever form from Government of Pakistan, except that which has been expressly declared pursuant hereto. The Seller / Supplier / Contractor certifies that it has made and will make full disclosure of all agreements an arrangements with all persons in respect of or related to the transaction with Government of Pakistan and has not taken any action or will not take any action to circumvent the above declaration, representation or warranty. The Seller / Supplier / Contractor accepts full responsibility and strict liability for making any false declaration, not making full disclosure, misrepresenting facts or taking any action likely to defeat the purpose of this declaration, representation and warranty. It agrees that any contract, right, interest, privilege or other obligation or benefit obtained or procured as aforesaid shall without prejudice to any other right and remedies available to Government of Pakistan under any law, contract or other instrument, be void-able at the option of Government of Pakistan. Notwithstanding any rights and remedies exercised by Government of Pakistan in this regard, the Seller / Supplier / Contractor agrees to indemnify Government of Pakistan for any loss or damage incurred by it on account of its corrupt business practices and further pay compensation to Government of Pakistan in any amount equivalent to ten time the sum of any commission, gratification, brief, finder s fee or kickback given by the Seller / Supplier / Contractor as aforesaid for the purpose of obtaining or inducing the procurement of any contract, right, interest, privilege or other obligation or benefit in whatsoever from Government of Pakistan. Page 16 of 17

17 (RUPEE ONE HUNDRED NON-JUDICIAL STAMP PAPER) General Manager (Contracts & Agreements) Procurement & Logistics Division Pakistan Intentional Airlines Karachi. Subject: UNDERTAKING TO EXECUTE CONTRACT Dear Sir, 1. We / I, the undersigned tenderer do here by confirm, agree and undertake to do following in the event our / my tender for, is approved and accepted:- 2. That we / I will enter into and execute the formal contract, a copy of which has been supplied to us / me, receipt whereof is hereby acknowledged and which has been studied and understood by me / us without any change, amendment, revision or addition thereto, within a period of seven days when required by PIA to do so. 3. That all expenses in connection with the preparation and execution of the contract including stamp duty will be borne by us / me. 4. That we / I shall deposit with PIA the amount of Security as specified in the contract which shall continue to be held by PIA until three months after expiry of the contract period. 5. That in event of our / my failure to execute the formal contract within the period of Seven days specified by PIA the Earnest Money held by PIA shall stand forfeited and we / I shall not question the same. Tenderer s Signature Name in Full Designation Address: Phone / Fax # C.N.I.C. # Seal Date Page 17 of 17