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Security deposit is
- a)deposited at the time of filling tender
- b)deposited by the contractor whose tender is accepted
- c)deposited at the time of opening tenders
- d)deposited for fair competition
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Security deposit isa)deposited at the time of filling tenderb)deposite...
Explanation:
Security deposit is deposited by the contractor whose tender is accepted.
Reasoning:
- A security deposit is a sum of money that a contractor needs to pay after their tender has been accepted by the client.
- This deposit is intended to provide security to the client in case the contractor fails to fulfill their obligations as per the terms of the contract.
- By requiring the contractor to deposit a security amount, the client ensures that the contractor has a stake in completing the project satisfactorily.
- The security deposit is usually a percentage of the contract value and is refunded to the contractor upon successful completion of the project.
- It is a common practice in construction contracts to require a security deposit to protect the client's interests and ensure that the contractor performs their duties diligently.
Security deposit is deposited by the contractor whose tender is accepted.
Reasoning:
- A security deposit is a sum of money that a contractor needs to pay after their tender has been accepted by the client.
- This deposit is intended to provide security to the client in case the contractor fails to fulfill their obligations as per the terms of the contract.
- By requiring the contractor to deposit a security amount, the client ensures that the contractor has a stake in completing the project satisfactorily.
- The security deposit is usually a percentage of the contract value and is refunded to the contractor upon successful completion of the project.
- It is a common practice in construction contracts to require a security deposit to protect the client's interests and ensure that the contractor performs their duties diligently.
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Community Answer
Security deposit isa)deposited at the time of filling tenderb)deposite...
Concept:
Security deposit:
Security deposit:
- It is an amount of money which shall be deposited by the contractor whose tender has been accepted in order to render himself liable to the department to pay compensation.
- When contract security is required, the contractor may, in lieu of a performance bond and a labor and material payment bond, provide a security deposit.
- When a security deposit is delivered, it must be, in the amount of 10% of the contract price for construction contracts and at least 10% for other contract types.
- Security deposit is always refundable in nature.
- Security deposit cannot be withheld from any other contract with the same client.
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Security deposit isa)deposited at the time of filling tenderb)deposited by the contractor whose tender is acceptedc)deposited at the time of opening tendersd)deposited for fair competitionCorrect answer is option 'B'. Can you explain this answer?
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