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Posting of Performance Security <rdl>

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Posting of Performance Security <rdl>

Post by engrjhez® on Mon Apr 20, 2009 11:38 pm

rdl wrote:what is the applicable law for a gocc with regard to posting of Performance Security in the form of a Surety Bond, is it Sec. 39.1 (c) of IRR RA 9184 or the GSIS's as stated in its notice of award.thank you
Section 39.1 of the IRR identifies forms of Performance Securities (and the minimum amounts) as allowed by the GPRA. If the GSIS has a Customized Procurement Manual approved by the GPPB, then the particular provisions of that manual, and as supported by the Bidding Documents issued to the bidder, shall be deemed as the governing requirement for the procurement of the same agency. Very Happy
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