S Shreeram 25 November 2016
A Tender Document is to be issued for Joint Redevelopment of two adjoining cooperative housing societies in Mumbai.The price of the Tender is to be paid by interested bidders through a Demand Draft. Also, shortlisted bidders will be paying Earnest Money Deposit by DD. Each of the two societies has its separate bank account. The Query is whether to ask for the DD in favour of any one society, or is there any other option and the legal implications of the same.
adv.bharat @ PUNE (Lawyer) 07 December 2016
DD is best since no risk of fraud and assurety of money.
Bank gurantee is one option yu may to think of it.
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S Shreeram 08 December 2016
Thank you for the response. However, as two societies with separate bank accounts are involved, the query is how(in whose favour) the DD is to be drawn.
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