Municipal Corporation Tender

The bid capacity required in the given tender to bid having value and formulas can be calculated using the following formulas: 1. If the offer is below the estimated rates by up to 10%, the amount of the Demand Draft shall be 1% of the cost put to tender. 2. If the offer is lower than 10% below the estimated rates, the amount of the Demand Draft shall be 1% of the cost put to tender plus the amount arrived by applying the percentage difference between the tenderer's quote and 10% to the cost put to tender. For example: - If the rates quoted are 7% below the estimated rates, the amount of the Demand Draft should be 1% of the cost put to tender. - If the rates quoted are 15% below the estimated rates, the amount of the Demand Draft should be 1% of the cost put to tender plus 5% (15% - 10%) of the cost put to tender, which equals 6% of the cost put to tender.