This type of policy covers the employer of a project if the bidder of the project
- If the bidder withdraws his Bid during the period of bid validity specified in the bidder in form of bid.
- If the bidder, having been notified of the acceptance of his bid by his employer, during the period of bid validity.
- (a) Fails or refuse to execute the form or agreement in accordance with the instructions to tenderers, if required.
- (b) Fails or refuse to furnish the performance security, in accordance with the instructions to tenderers.