Legal entities that have issued tender bonds provided by tenderers as tender security are released in accordance with the terms and conditions of the tender bond.
The amount paid as a tender security is refunded to the tenderers ten (10) days after the deadline for filing tenders at the BSDQ if the BSDQ’s analysis of the filed tenders and the taking possession thereof by their receivers does not identify them among the three (3) lowest tenderers for the specialty covered by their tender.
The amount paid as a tender security is refunded to the three (3) lowest tenderers upon expiry of the period of validity of their tender or as soon as a contract for the work covered by their tenders is concluded with the successful tenderer. It is also refunded when the successful tenderer has provided, at the request of the successful recipient contractor pursuant to Section D-10 of this Code, a performance bond and a bond for the payment of labour and materials or, if they were unable to do so, when the successful recipient contractor chooses to award the contract to another tenderer.
The tenderer and the successful recipient contractor must inform the BSDQ as soon as a contract is concluded so that the BSDQ can refund the amount paid as a tender security as soon as possible.
The provisions of Sections D-10 to D-14 of this Code shall not be interpreted as limiting the remedies for damages available to a successful recipient contractor for refusal to contract or breach of contract.