hereinbelow for the sake of ready reference: - “8. The successful highest bidder, shall have to deposit 40% of the offered amount at the time of provisional acceptance of the offer by the committee immediately but not later than 24 hours from the time of acceptance. Balance contract amount shall have to be deposited in 5 (five) equal installments commencing from 1st May to September 2010, in shape of post dated cheques along with bank guarantee to be deposited within 24 hours from the time of acceptance of offer to secure timely realization the consideration amount. In case of default to deposit 40% of bid offered amount within 24 hours and also fails to fulfill other formalities required as per terms and conditions, the security deposit/earnest money shall be forfeited." 5. The respondent sought relaxation in the Clause-8 of the NIT on the ground that the condition of furnishing bank guarantee for the remainder amount was unjust and arbitrary. 6. Having failed to get a favourable