Promptly after notification of the proposed contract award the Public Body shall send the successful Bidder the Contract.
Within fifteen (15) days of receipt of the notification of award, the successful Bidder shall sign, date, and return it to the Public Body the Contract
The Public Body shall not sign a contract before seven working days from the date Bidders are notified of the result of their Bid or of any complaint against the bid proceeding.
Within fifteen (15) days from signing the Contract the successful Bidder shall furnish the performance security in accordance with the GCC, subject to ITB Clause 38.6, using for that purpose the Performance Security Form included in Section 9, Contract Forms, or another form acceptable to the Public Body.
If the performance security furnished by the successful local Bidder is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Bidder to be acceptable to the Public Body. A foreign institution providing a bond shall have a correspondent financial institution located in the Federal Democratic Republic of Ethiopia.
Failure of the successful Bidder to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for annulment of the award and forfeiture of the bid security.
Small and micro enterprises shall be required to submit a letter of guarantee written by a competent body organizing and overseeing them in lieu of bid security, performance security or advance payment guarantee.
Where the successful Bidder can not or is unwilling to sign a contract or furnish the above-mentioned Performance Security, the Public Body may either declare the Bidder submitting the second lowest evaluated Bid the successful Bidder or invite such Bidder to sign a contract or advertise the Bid afresh by assessing the benefit of the two options.
