Which statement correctly distinguishes Performance Security from Bid

Type: MCQ • Marks: 1

Which statement correctly distinguishes Performance Security from Bid Security?

A. Both have exactly the same purpose

B. Performance Security protects contractual performance, while Bid Security protects against specified bidder defaults during the bidding stage

C. Bid Security is collected only after delivery

D. Performance Security is submitted by unsuccessful bidders

Explanation

This distinction is fundamental in public procurement administration.

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UPSC Principal & Vice Principal Management Finance Administration

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Which statement correctly distinguishes Performance Security from Bid Security?