The money which have to be deposited by the contractor while submitting a tender, which is approximately about 2% of the estimated cost, with the department as the guarantee of the tender is called as
The money which have to be deposited by the contractor while submitting a tender, which is approximately about 2% of the estimated cost, with the department as the guarantee of the tender is called as
1). Security money
2). Earnest money
3). Binder money
4). Front money
2 answers
Earnest money:
While submitting a tender the contractor is to deposit a certain amount, approximately about 2% of the estimated cost with the department as the guarantee of the tender is called as Earnest Money.
This amount is for a check so that the contractor may not refuse to accept the work or run away when his tender is accepted.
Security Money:
If the contractor accepted the tender, then he has to deposit 10% of the tendered amount as security money with the department which is inclusive of the earnest money already deposit.
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