SECTION 103

(1) An invitation to tender may be declared unsuccessful only where: (a) no bid has been received; (b) after evaluation, no bid is deemed to have fulfilled the requirements of the tender documents or where no financial bid is compatible with the funding available. (2) Where the financial bid of the best placed bidder exceeds available funds, the Project Owner or the Delegated Project Owner shall award the contract to the second- placed bidder whose technical and financial bids are deemed satisfactory. (3) Where only one bid is deemed technically admissible, but the financial offer exceeds available funds, the Project Owner or the Delegated Project Owner may initiate negotiations with such a bidder in order to reach a satisfactory agreement. (4) Where all the financial bids submitted that meet technical requirements exceed available funds, the Project Owner or the Delegated Project Owner may suspend the procedure to source additional funds or start negotiations with the bidders concerned by order of bid rankings. (5) The Project Owner or the Delegated Project Owner shall ensure that the time required to source financing or to carry out negotiations does not exceed the bid validity period provided for in the tender documents, or formally obtain its extension, as appropriate. (6) Negotiations with bidders should not be intended to substantially modify the scope, nature, content and quality of services. At any rate, the financial incidence of modifications to the bid may not exceed 15% (fifteen) percent of the bid. (7) Any negotiation initiated, irrespective of its outcome, shall be recorded in a report signed by both parties and a copy forwarded to the public contracts regulatory body. (8) Under no circumstance should negotiations concern unit prices or conducted with more than one bidder at the same time. (9) The Project Owner or the Delegated Project Owner shall publish the decision declaring an invitation to tender unsuccessful and notify same to the chairperson of the tenders board concerned and copy the public contracts regulatory body. (10) In case of division into lots, the provisions of the paragraphs above shall apply to each lot.