S.L. 601.11 Art. 10Performance bond.

(1) The successful bidder shall be required to provide a performance bond to the Contracting Authority within one week from the date of the Letter of Award. The value of the performance bond shall be included in the invitation for bids of the relevant competitive bidding process.

(2) Without prejudice to the terms and conditions applicable to the relevant competitive bidding process, the performance bond shall be forfeited by a bidder, inter alia, if the bidder fails to satisfy the conditions in regulation 7.

(3) Where the capacity of an approved renewable energy installation as installed and connected to the grid is lower than the capacity allocated during the bidding process, the forfeiture of the performance bond shall be in accordance with the terms and conditions established for such purpose by the relevant competitive bidding process.