28.1 The Proposal or Bid validity period shall be determined based on the nature and complexity of the PPP Project and shall be specified in the RFP or IFB document.
28.2 The Shortlisted Bidder or Bidder (as applicable) shall be required to submit a Bid Security along with its Technical Proposal or Technical Bid (as applicable). The Bid Security shall remain valid for at least 60 (sixty) Days beyond the expiry date of the Proposal or Bid validity period. The validity period of the Bid Security shall be specified in the RFP or IFB document
28.3 The Contracting Authority may, subject to notification to the PPP Authority, request in writing a Shortlisted Bidder or Bidder to extend the Proposal or Bid validity period at any time prior to the expiration date. Shortlisted Bidders or Bidders consenting to extend the Proposal or Bid validity period shall also correspondingly be required to extend the validity period of their Bid Security.
28.4 In the event that any Shortlisted Bidder or Bidder refuses to extend the Proposal or Bid validity period, its Proposal or Bid (as applicable) shall not be evaluated and the Bid Security shall be returned to the Shortlisted Bidder or Bidder as soon as possible.
28.5 The validity period of the Bid Security shall be extended by at least 60 (sixty) Days beyond the new expiry date of the Proposal or Bid validity period, if the Proposal or Bid validity period is extended.
28.6 The Bid Security may be in the form of a bank draft or bank guarantee issued by a Scheduled Bank in Bangladesh or any other internationally reputed bank. If the bank guarantee has been issued by an internationally reputed bank it shall have to be endorsed by its correspondent bank located in Bangladesh in order to make it enforceable.
28.7 If a Shortlisted Bidder or Bidder (as applicable) is selected as the Preferred Bidder, its Bid Security shall be extended until such time as the Preferred Bidder submits an appropriate security in accordance with the PPP Contract. The Bid Security of the Shortlisted Bidders or Bidders (as applicable) who are not selected as the Preferred Bidder shall be returned as soon as possible upon execution of the PPP Contract with the Project Company and/or Preferred Bidder, as the case may be.
28.8 Any Proposal or Bid (as applicable) submitted without a Bid Security shall be automatically rejected by the Contracting Authority.