Credit Line in Lieu of NFCC

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Credit Line in Lieu of NFCC

Post by MIGZ98 on Mon Aug 08, 2011 12:28 pm

Sir, during the bidding, a bidder submitted a CLC but without a payee and for what particular project. The letter just cited the amount and for bidding purposes. Is this acceptable?

Thanks,

MIGZ
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Re: Credit Line in Lieu of NFCC

Post by RDV @ GP3i on Tue Aug 09, 2011 8:33 pm

MIGZ98 wrote:Sir, during the bidding, a bidder submitted a CLC but without a payee and for what particular project. The letter just cited the amount and for bidding purposes. Is this acceptable?

Thanks,

MIGZ

The Credit Line Commitment (CLC), being a commitment by a particular bank to issue a credit line to a particular bidder if awarded the contract, if it does not mention the "payee" or to whom the credit line will be given to and no mention of the project to be undertaken for which reason the CLC is given, then it is quite clear that the commitment does not address the specific purpose for which it was submitted. I believe, it should not be acceptable.
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Re: Credit Line in Lieu of NFCC

Post by MIGZ98 on Wed Aug 10, 2011 4:06 pm

Thank you very much for the answer
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