Auction of Vehicles by Islamabad Electric Supply Company (IESCO)

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 interested bidders to participate in the disposal of vehicles through e-bids under Tender No. 85. This auction is conducted by the Chief Executive Officer IESCO Islamabad and offers an opportunity for bidders to acquire vehicles on an 'as is where is' basis. The vehicles are available for inspection by prospective bidders who must satisfy themselves regarding the condition, type, and quality before submitting their bids. Items being auctioned include various vehicles as per the detailed terms and conditions outlined by IESCO. Bidders are required to submit sealed earnest money/bid security in the form of CDR or bank guarantee valid for 120 days, issued by a scheduled bank of Pakistan with a minimum rating of A+ in favor of the Chief Executive Officer IESCO Islamabad. The earnest money must be submitted before the bid closing time, and bids without the required earnest money will be rejected. Full payment for the successful bid must be made unconditionally within 10 working days from the date of issuance of the Letter of Acceptance. Failure to do so will result in forfeiture of the earnest money. Upon payment, a Release Order will be issued authorizing the removal of the vehicle within 15 working days. Delays beyond this period will incur rental charges at 1% per day of the vehicle's total value. The auction follows PPRA Disposal Regulations, 2026. Taxes including 18% GST and 10% Income Tax or any other government levies will be applicable on the bid price. The two highest bidders' earnest money will be retained until the successful bidder deposits the full amount. Force majeure conditions are recognized for possible time extensions. Interested bidders should carefully review all terms and conditions, ensure compliance with FBR/ATL registration requirements, and prepare their bids accordingly. The submission deadline is strictly enforced, and bids must be submitted electronically as per the e-bid system instructions. One practical tip for bidders is to thoroughly inspect the vehicles beforehand and ensure earnest money is submitted in the correct name to avoid disqualification. This auction provides a transparent and regulated platform for disposal of government assets, ensuring fair competition and compliance with all legal and financial requirements.