What happens to the application if the required surety bond or cash deposit is not furnished within the specified time?

If the required surety bond or cash deposit is not provided within the specified time frame, the application is deemed withdrawn. This means that the application effectively becomes inactive and cannot be processed further without the necessary financial guarantees in place. Surety bonds or cash deposits are crucial for ensuring that contractors have the financial stability to undertake projects and can fulfill their contractual obligations. Without these assurances, the regulatory body cannot move forward with the application.