Indian Contract Act, 1872—Section 5—The right to withdraw an offer before its acceptance cannot nullify the agreement to suffer any penalty for the withdrawal of the offer against the terms of agreement—A person may have a right to withdraw his offer, but if he has made his offer on a condition that the Bid Security amount can be forfeited in case he withdraws the offer during the period of bid validity, he has no right to claim that the Bid Security should not be forfeited and it should be returned to him—Forfeiture of such Bid Security amount does not, in any way, affect any statutory right under Section 5 of the Act.
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Pay Rs.100/- and get full text of the judgment on the above stated point. Judgment will be sent to you by email only after receipt of full payment in our account.*
File Name:- SC_SEPTEMBER 2011_5
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