No. RICB/CO/GAD-EU/2025/5965
April 29, 2025
Terms of Reference/General Terms and Conditions
Royal Insurance Corporation of Bhutan Limited (RICB), a company incorporated under the Companies Act of the Kingdom of Bhutan 2016 and having its registered office at Norzin Lam, Building No. 16, Post Box No. 315, Thimphu (hereinafter referred to as “RICB”, the “Institute”, or the “Employer”), invites sealed bids for the rental of newly constructed buildings located at Dekilane, Phuentsholing.
1. Property Overview
- The offer includes two newly constructed buildings, each consisting of six floors.
- The buildings are suitable for commercial or office use, depending on the requirements and the approval of RICB.
2. Site Inspection
- Bidders are required to inspect the building and premises before submitting their bid.
- For inspection appointments, contact Mr. Rinchen at 17457762.
3. Submission of Bid
- Bids must be submitted using the prescribed format titled “Rental Quotation for Buildings at Dekilane, Phuentsholing”.
- Bidders may quote for individual floors, multiple floors, or the entire building.
- Preference will be given to bidders offering rent for the entire building.
- Sealed bids must be addressed and submitted to the following by 12:30 PM on May 12, 2025:
The Branch Manager
Main Branch Office, Phuentsholing
Royal Insurance Corporation of Bhutan Ltd.
- Bid opening will be conducted on the same day at 2:30 PM at the Main Branch Office, Phuentsholing
4. Bid Security
- Each bidder must furnish a Bid Security of Nu. 10,000/- (Ngultrum Ten Thousand only).
- The bid security:
- Will be forfeited if the successful bidder fails to sign the tenancy agreement within the timeline specified in the Letter of Intent.
- If the bidder withdrawn the bid after the bid opening.
- Will be refunded to unsuccessful bidders after the award of the rental.
5. Security Deposit
- The successful bidder is required to pay a security deposit equivalent to two months’ rent at the time of signing the Tenancy Agreement.
- The security deposit is refundable upon expiry or termination of the agreement, subject to terms and conditions.
6. Tenancy Agreement Terms
- The agreed rent will be valid for a period of two years from the commencement date of the tenancy.
- Rent may be revised by up to 10% every two years in accordance with the Tenancy Act of Bhutan 2015.
- Rent shall be paid monthly in advance, or as specified in the agreement.
7. Evaluation and Selection
- Bids will be evaluated by a designated Evaluation Committee based on:
- Quoted rent (value for money)
- Number of floors/buildings rented
- Compliance with bidding terms
- Suitability of the bidder (if applicable)
- A Letter of Intent will be issued to the successful bidder. Failure to respond or comply within the specified timeline may result in forfeiture of the bid security.
8. Agreement and Occupation
- The tenancy shall commence upon:
- Signing of the Tenancy Agreement
- Payment of the security deposit
- Handover of the premises
- Occupation of the premises without formal agreement will be deemed unauthorized.
9. Legal and Other Responsibilities
- The tenant shall:
- Use the premises only for the approved purpose.
- Be responsible for the maintenance of the rented space.
- Pay for utilities and other charges not covered under the rental.
- Structural changes or renovations are not allowed without prior written approval from RICB.
10. Rejection of Bids
- RICB reserves the absolute right to reject any or all bids without assigning any reason.
- Decisions of the RICB Management shall be final and binding on all bidders.
11. Disqualification
- Bids that do not comply with any of the terms and conditions herein shall be deemed non-compliant and will be disqualified from evaluation.
12. Confidentiality
- All information provided by RICB and submitted by the bidder shall be treated as confidential and shall not be disclosed to third parties without written consent.
Management