personal check

View previous topic View next topic Go down

personal check

Post by apple pie on Wed Aug 03, 2011 1:03 pm

this is the scenario.

during the conduct of the public bidding... a personal check was used as bid security. bac then said that they will deliberate whether to accept or not the personal check... eventually, it was accepted... a losing contractor filed a case against the bac to the OMB.

however, the project was completed, accepted.... will the bid security now become moot and academic?????? anyway, the winning contractor posted performance bond!
avatar
apple pie
New Member
New Member

Female Number of posts : 6
Company/Agency : govt
Occupation/Designation : clerk
Registration date : 2009-03-27

Back to top Go down

Re: personal check

Post by ikuz23 on Wed Aug 03, 2011 2:36 pm

apple pie wrote:this is the scenario.

during the conduct of the public bidding... a personal check was used as bid security. bac then said that they will deliberate whether to accept or not the personal check... eventually, it was accepted... a losing contractor filed a case against the bac to the OMB.

however, the project was completed, accepted.... will the bid security now become moot and academic?????? anyway, the winning contractor posted performance bond!

good day,

the losing bidder has the right to file a case against the bac. in the first place, the personal check must not been accepted as bid security. it is invalid. the only acceptable forms are:
a) Cash, cashier’s/manager’s check, bank
draft/guarantee confirmed by a Universal
or Commercial Bank.

b) Irrevocable letter of credit issued by a
Universal or Commercial Bank: Provided,
however, that it shall be confirmed or
authenticated by a Universal or
Commercial Bank, if issued by a foreign
bank.
c) Surety bond callable upon demand issued
by a surety or insurance company duly
certified by the Insurance Commission as
authorized to issue such security.
d) Any combination of the foregoing.
avatar
ikuz23
Active Poster
Active Poster

Male Number of posts : 148
Company/Agency : LGU-Tacurong
Occupation/Designation : Karaniwang empleyado
Registration date : 2011-05-03

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum