receipt of surety bond

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receipt of surety bond

Post by anne on Tue Dec 21, 2010 5:06 pm

Good afternoon!

Does the BAC needs to require in the Technical Envelope the receipt of the surety bond? If there is no attached receipt can the BAC disqualify the bidder?

How about if a Bidder submitted a surety bond with the Surety Company name A but the attached receipt is issued by the sister surety company B?


Thank you very much!
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Re: receipt of surety bond

Post by engrjhez® on Wed Dec 22, 2010 3:20 pm

anne wrote:Good afternoon!

Does the BAC needs to require in the Technical Envelope the receipt of the surety bond? If there is no attached receipt can the BAC disqualify the bidder?

How about if a Bidder submitted a surety bond with the Surety Company name A but the attached receipt is issued by the sister surety company B?


Thank you very much!

The Surety Bond, even without the OR, may be accepted (provided there are no preconditions like "not valid without Official Receipt"). However, the OR may be required during the post-qualification to validate the Surety Bond itself. What is important is that the Surety Bond is attached with a certification from the Insurance Commission that it is allowed to issue such security (for bidding purposes).

Since the OR may play a part in course of Bid Security forfeiture, it would be prudent to have the Official Receipt issued by the security company, and not from any other else. Smile
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Re: receipt of surety bond

Post by anne on Thu Dec 23, 2010 8:35 am


Good day!

Thank you very much engr. jhez!
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Re: receipt of surety bond

Post by brunomars on Tue Dec 13, 2011 7:06 pm

What if the surety bond has no dry seal but all the relevant signatures, figures and dates are complete? Will this be subject to disqualification?
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Re: receipt of surety bond

Post by Jovinal on Wed Dec 14, 2011 1:03 am

I think NO, if for eligibility stage, but for post qualification may be.
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Re: receipt of surety bond

Post by friend toe on Sat Jan 28, 2012 10:04 pm

greetings... may i be clarified if there is no attached certification from insurance commission, cant he surety bond be accepted, provided however that the certification from insurance commission be submitted later?

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Re: receipt of surety bond

Post by RDV @ GP3i on Sun Jan 29, 2012 10:07 pm

friend toe wrote:greetings... may i be clarified if there is no attached certification from insurance commission, cant he surety bond be accepted, provided however that the certification from insurance commission be submitted later?

The bidder should be declared non-compliant with that particular requirement if the Surety Bond is not supported by a Certification from the Insurance Commission that the insurance or surety company issuing the bond is duly authorized to issue such a bond callable upon demand. The only exception to that requirement for certification is if the Surety Bond is issued by the GSIS. The BAC should not accept a later submission of such a certification as it is not in accordance with the pass-fail criteria.
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Re: receipt of surety bond

Post by clenio14@yahoo.com on Mon Jan 30, 2012 4:48 pm

greetings....can anyone please post a sample, a copy of this accompanying certification from the Insurance Commission for surety bonds? Thanks po. Very Happy

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