34.2 if the performance security is to be provided by the successfultenderer in the form of a bank guarantee, it shall be issued either by alocal bank; by a foreign bank through a correspondent local bank; or by aforeign bank which has been determined by the tenderer to be acceptable tothe employer.
34.3 if the performance security is to be provided by the successfultenderer in the form of a bond, it shall be issued by a bonding orinsurance company which has been determined by the tenderer to beacceptable to the employer.
34.4 failure of the successful tenderer to comply with therequirements of clauses 33 or 34 hereof shall constitute sufficientgrounds for the annulment of the award and forfeiture of the tendersecurity, inwhich event the employer may make the award to the nextlowest evaluatedtenderer or, if there are no other tenderers, call fornew tenders.
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