The Ministry of Finance lowers performance security deposits for solar tenders to 3 per cent

The Ministry of Finance (MoF) has announced that the performance security deposits for solar tenders will be reduced from 5-10 per cent of the contract value to 3 per cent. Additionally, the MoF also ruled for bid security or the earnest money deposit to be removed from bid documents in the future. The move has been motivated by a need to speed up the execution of projects amidst delays caused by Covid-19. Stakeholders have been dealing with a financial crunch ever since the Covid-19 pandemic began and had requested the MoF to ease the situation.

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