EMD means – Earnest Money Deposit.
The purchasers takes this amount to check the earnestness/seriousness of the bidders in case they are selected as winners.
The EMD amount the bidder has to pay along with the bid response.
What is EMD payment?
Earnest money is a deposit made to a seller that represents a buyer’s good faith to buy a home. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyer’s down payment and closing costs.
What EMD means?
earnest money is deposit
What is the difference between earnest money and security deposit?
EMD (Earnest Money Deposit):
Earnest Money is taken at the time of bid/tender submission from all bidders, whereas security deposit is taken ONLY from the successful bidder, in order to make sure that the successful bidder supply the product/service/work as per the terms of the contact.