AUCTION: Disposal of Unserviceable Material by Islamabad Electric Supply Company

NOTE: This is an AUCTION/LEASE notice, not a procurement tender. Bidders pay the department to acquire ownership, lease, rental, or collection rights. The Islamabad Electric Supply Company (IESCO) invites bids for the disposal of unserviceable store material through e-bids under Tender No. 74. This auction is conducted in Islamabad and offers bidders the opportunity to acquire various unserviceable materials on an 'as is where is' basis. Items being auctioned include unserviceable store materials as listed in the bidding documents, which bidders are encouraged to inspect thoroughly to satisfy themselves regarding the type, quality, and condition before submitting their offers. The disposal process requires bidders to submit sealed earnest money in the form of CDR or bank guarantee from a scheduled bank valid for 120 days, favoring the Chief Executive Officer IESCO Islamabad. Earnest money must be in the bidder's own name, and bids without the required earnest money will be rejected. Successful bidders must make full payment within 21 working days of the Letter of Acceptance issuance, failing which the earnest money will be forfeited. Upon payment, a Release Order will be issued authorizing the removal of the material, which must be lifted within 21 working days to avoid rental charges of 1% per day on the total value of the disposed material. The auction is governed by PPRA Disposal Regulations and includes provisions for time extensions under force majeure conditions such as war, riots, or court injunctions. Taxes including 18% GST and 10% Income Tax or any other government levies are applicable on the bid price. The Earnest Money of the second highest bidder will be retained until the successful bidder deposits the full amount. Interested bidders should note the importance of submitting earnest money in the correct name and form, inspecting the materials beforehand, and adhering strictly to the payment and lifting timelines. This auction provides a transparent and regulated opportunity to acquire unserviceable materials from a reputable government entity in Islamabad. One practical tip for bidders is to ensure their earnest money instruments are issued by banks rated A+ or above and submitted before the bid closing time to avoid disqualification.