of sub-clause 29.3 (if applicable), provided further that the tenderer has
the capability and resources to carry out the Contract effectively (refer
to sub-clause 3.5), but the employer and _________ Company gives no
guarantee that the lowest or any tender will be accepted.
31. Employer's Rights
Notwithstanding Clause 30, the Employer reserves the right to accept
or reject any tender, and to annul the tendering process and reject all
tenders, at any time prior to award of contract, without thereby incurring
any liability to the affected tenderer or tenderers or any obligation to
inform the affected tenderer or tenderers of the grounds for the
Employer's action.
32. Notification of Award
32.1 Prior to the expiration of the period of tender validity
prescribed by the Employer, the Employer will notify the successful
tenderer by telex or telegram confirmed in writing by registered letter
that his tender has been accepted. This letter (hereinafter and in the
Conditions of Contract called the "Letter of Acceptance") shall name the
sum which the Employer will pay to the Contractor in consideration of the
execution, completion and maintenance of the Works by the Contractor as
prescribed by the Contract (hereinafter and in the Conditions of Contract
called the "Tender Sum").
32.2 The notification of award will constitute the formation of the
Contract.
32.3 Upon the furnishing by the successful tenderer of a performance
security in accordance with the provisions of Clause 34 hereof, the
Employer will promptly notify the other tenderers that their tenders have
been unsuccessful.
33. Signing of Agreement
33.1 Within ________ days of notifying the successful tenderer that
his tender has been accepted, the Employer will send to the tenderer two
copies of the Form of Agreement provided in the tender documents,
incorporating all agreements between the parties.
33.2 Within__________ days of receipt of the Form of Agreement, the
successful tenderer shall execute the Agreement by signing or sealing, as
appropriate, and return both copies to the Employer. The Employer will
then execute the Agreement and return one copy to the Contractor.
34. Performance Security
34.1 Within _________ days of receipt of the Letter of Acceptance, the
successful tenderer shall furnish to the Employer a security for the due
performance of the Contract, in accordance with the Conditions of
Contract. The form of performance security provided in the tender
documents may be used, or some other form acceptable to the Employer.
34.2 If the performance security is to be provided by the successful
tenderer in the form of a bank guarantee, it shall be issued either by a
local bank; by a foreign bank through a correspondent local bank; or by a
foreign bank which has been determined by the tenderer to be acceptable to
the Employer.
34.3 If the performance security is to be provided by the successful
tenderer in the form of a bond, it shall be issued by a bonding
orinsurance company which has been determined by the tenderer to
beacceptable to the Employer.
34.4 Failure of the successful tenderer to comply with there
quirements of Clauses 33 or 34 hereof shall constitute sufficient
grounds for the annulment of the award and forfeiture of the tender
security, in which event the Employer may make the award to the next
lowest evaluated tenderer or, if there are no other tenderers, call for
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