Notice Inviting Tender for lease of building

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 quotation for Building at Gelephu, Sarpang.

1. Property Overview

• The offer includes entire building of hotel Ongkit located at the Gelephu Throm.
• The building is suitable for commercial use.

2. Site Inspection

• Bidders are required to inspect the building and premises before submitting their bid.
• For inspection appointments, contact our Branch Manager, Mrs. Ugyen Wangmo at +97517468053.

3. Submission of Bid

• Bids must be submitted using the prescribed format titled “Rental Quotation for Buildings at Gelephu, Sarpang”.
• Bidders are required to quote for the entire building.
• Sealed bids must be addressed and submitted to the following by 04:30 PM on May 09, 2025:

The Chief executive Officer 

Corporate Office

Royal Insurance Corporation of Bhutan Ltd.

• Bid opening will be conducted on the May 10, 2025 at 10:30 AM at the Board room of RICB, Thimphu.

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  • If the bidder withdrawn the bid after the bid opening.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.
• The successful bidder shall be fully responsible for all maintenance costs related to the building throughout the duration of the lease or agreement.
• In the event that the building must be vacated for any reason, no compensation or reimbursement shall be provided for any maintenance expenses incurred by the bidder.
• The bidder shall also be responsible for ensuring that all maintenance complies with applicable laws, safety regulations, and building codes, and shall promptly address any required repairs.

7. Evaluation and Selection

• Bids will be evaluated by a designated Evaluation Committee based on:
  • Quoted rent (value for money)
  • 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