Earnest Money Deposit, or, more commonly known as EMD, is a type of security funding, which is primarily used in government tenders. Through this particular deposit, the buyers try to make it clear that they are interested in the tender and wish to acquire it. It, in turn, helps them in getting a bit more time to collect their financing and make the purchase quickly. As the name suggests, the documentation of the same is pretty confidential and, therefore, cannot be provided to a 3rd party. Here is everything you need to know about in this context.
The General Amount of an EMD
The prospect of EMD is quite common in the aspect of government tenders. The amount of the same usually depends on the type of project, its overall importance, and its budget. Hence, before bidding on anything, you will need to ask about it to the seller. However, in most cases, you will need to pay almost 1% of the estimated cost of the tenders.
Exemption Documents for EMD
The exemption documents for EMD usually depend on the terms provided on the documentation of a specific tender. However, you will definitely need the registration certificate, which is provided by the following institutions –
- Coir Board
- Khadi and Village Industries Commotion
- Khadi and Village Industries Board
- Directorate of Handicrafts and Handloom
- National Small Industries Corporation
Aside from them, you can acquire the same from any other organization, which has been specified by the Ministry of Micro. These days, many companies tend to accept the Udyog Aadhar Documents as well. Hence, before submitting anything, be sure to enquire the government tenders provider about it through e-mail or over a call.
Nevertheless, you will be exempted from submitting the EMD documents if –
- You are registered with the government tenders issuing authority. In this case, you can provide a copy of your enlistment letter to acquire your EMD exemption.
- You are a part of the MSME (Ministry of Micro, Small and Medium Enterprises). In this aspect, you can search the registration and details on Google or any other search engine.
How Can You Learn about the EMD of a Specific Tender?
As mentioned before, almost every detail regarding a tender will be provided within the same itself. So, let’s learn about how you can find it through an example. So, first things first – you will need to go on your web browser and open BidAssist from there.
Now, you can search for your preferred government tenders through two different methods. Firstly, you can type in the name of the same and click on the “Search Button” on the search bar. Secondly, you can also go through the tender categories(Civil Works Tenders, Food Products Tenders, Repair & Maintenance Tenders, etc.) and shuffle through different options.
Once you have found what you are looking for, you will then need to click on the tender and download its documents. The downloading icon will be available under the name of the same. You can find everything regarding the EMD exemption here.
Conclusion
The aspect of EMD will be available on almost each and every government tenders. Therefore, it becomes quite imperative for you to go through the same as meticulously as possible. If you do not have an adequate budget for acquiring the tender at the initial stage, then the EMD might help you. Hence, be sure to talk about the same with the tenderer as early as possible to increase your chance of acquiring it. Good luck!
When it comes to be Trusting for Tender Information, majority of Companies from India or from other part of the World, trust TenderDetail for authenticity, accuracy, completeness of information, corrigendum, addendum alerts in-time.
That makes TenderDetail be more cautious and effortful to maintain the huge Trust, companies shower on it.We in TenderDetail, tracks the Largest database of Tenders, RFPs, RFQs, Contract Awards, Projects from India and Abroad and post it at the earliest possible sooner it gets notified by any agencies of the World in Public Domain.
Everyday we are processing hundred thousands of Notices invited and after doing a thorough Quality Control, Seamless Classification, Cross Verification, Duplication check etc.
and then post around 45,000 Fresh Notices everyday covering all the Countries of the World and All Industry Segments.Every Government of the World spend the majority of their Public Funds on Procurement of Works, Services, Supplies and Consultancies in order to maintain and uplift the Civic Facilities & Infrastructure for benefit of their Citizens, and thus every country in the World spend around 17% of their GDP only in procurement purposes through government tenders.This is Huge Business Opportunities for Companies to grab the Bulk and Confirmed Business with minimum Pre-Sales and Marketing Efforts in an Open Competitive manner and increase their Turn Over multi-fold.Tenderdetail understands the sensibility of this Big Business and the Stakes it Carries and hence we are very Prompt and Professional in our Services.
We are Transparent and Committed to our Tender Information Services and Customer Satisfaction.We also extend training and support for eTendering, eProcurement & eAuction platforms for participation and navigation to Companies who are new to such Bidding Procedures in Government Tenders.
Our Customer Care Team is big & highlyexperienced and service Oriented & Customer Satisfaction.In case if you have not experienced our level of Quality services, we expect you to Try and Benefit in making your Company Grow to New Highs & Scale.
TendersOnTime includes the largest database of e tender Rajasthan, pwd Rajasthan tender, global tenders, Rajasthan bsnl tender, e Procurement, eproc Rajasthan gov in tender, open tenders, RFP and government contract.
