A tender is usually accompanied with an amount called _______.

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SSC JE Electrical 16 Nov 2022 Shift 3 Official Paper
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  1. delivery money
  2. purchase money
  3. tender money
  4. earnest money

Answer (Detailed Solution Below)

Option 4 : earnest money
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The correct answer is option 4): (earnest money)

Concept:

  • Earnest Money Deposit (EMD) means Bid Security/ monetary or financial guarantee to be furnished by a Bidder along with its tender.
  • Earnest Money Deposit (EMD) means Bid Security/ monetary or financial guarantee to be furnished by a tenderer along with its tender.
  • Earnest money is essentially a deposit a buyer makes on a home they want to purchase.
  • A contract is written up during the exchange of the earnest money that outlines the conditions for refunding the amount.
  • Earnest money deposits can be anywhere from 1–10% of the sales price, depending mostly on market interest.
  • Should a buyer break the terms of the contract, they may be at risk of losing their earnest money deposit.
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