Amendment status not verified — confirm the current text below against the official source.
(1) The concession shall be granted by a public infrastrcture agency to a bidder who- (i) satisfies the stipulated financial, technical, organizational and legal standards; and (ii) whose bid is the lowest and is in most favorable terms for the project, based on the present value of its proposed tolls, fees, 1Substituted for words “rentals or charges” by Punjab Act No. 22 of 2003, Section 15 Grant of concession . 1[rentals, charges and period of concession] over a fixed term for the infrastructure project to be constructed, rehabilitated, operated and maintained as per the stipulated minimum design and performance standards, plans and specifications. (2) The purpose of the financial package governing any sector or the concessions to be granted for any infrastructure project will be to ensure that the same is financially viable and bankable to attract maximum private investment. The public infrastructure agencies may have to make substantial investments or grant substantial concessions to make an infrastructure sector or any infrastructure project viable. (3) 2[Immediately after the] completion of the second stage evaluation, a decision on whether or not to award the contract, shall be taken by the Board. (4) If the Board takes a decision to award the contract, the Board shall issue to the proposed awardee, the notice of award 3[immediately after such decision.] (5) The notice of award shall indicate, amongst others, the time within which the proposed awardee shall submit the specified performance security, proof of equity contribution and financing resources, and in the case of a joint venture or consortium the agreement indicating that the members are jointly and severally responsible for the obligations of the Concessionaire under the contract. (6) The winning bidder shall be granted the Concession for the development, operation and maintenance of the infrastructure project, including the right to collect the specified tolls, fees, rentals and charges. 1Substituted for words “rental and charges” by Punjab Act No. 22 of 2003, Section 16 2Substituted for words “within a period of thirty days from the date of” by Punjab Act No. 22 of 2003, Section 16 3Substituted for words “within a period of fifteen days from the date of decision” by Punjab Act No. 22 of 2003, Section 16 (7) Withdrawal of any member of a joint venture bidder prior to the actual award or implementation of the infrastructure project, can be a ground for cancellation of the contract and forfeiture of that person’s bid security. The Board may, however, proceed with the award of the contract for the implementation of the infrastructure project, if it is of the opinion that the other members of the joint venture or consortium are still capable of carrying out the project or that they have provided a suitable and acceptable substitute with equal or better qualifications. (8) The bid and the bid securities shall be kept valid till the process of selection of bidders and the grant of concession is completed. Once the concession is granted, the bid securities shall be returned to the unsuccessful bidders. (9) In the event of refusal, inability or failure of the bidder with the lowest complying evaluated bid to make good his bid by entering into Concession Agreement with the State Government within the specified period, the State Government shall forfeit the bid security of such bidder. In such an event, the Board shall consider the next complying and qualified lowest evaluated bid for the award. If the same too fails to execute the Concession Agreement with the State Government, its bid security shal likewise beforfeited, and the Board shall consider the next complying and qualified lowest evaluated bid, and so on until a contract has been entered into. In case, the State Government is unable to execute the contract with any of the complying and qualified bidders due to the refusal of the latter, the project shall be subjected to rebidding. (10) When no bids are received, the bidding shall be declared a failure. In such a case, the bidding shall be re-called for the concerned project.