Latest topics
» No Objection Letter
Yesterday at 5:21 pm by zeph03

» CATERING SERVICES FOR CONGRESSIONAL MEET AT SAGBAYAN, BOHOL
Thu Dec 14, 2017 7:14 pm by btorres4

» PURCHASE OF FERTILIZERS FOR LIVESTOCK, CORN, HVCDP, INLAND FISHERY, AND ORGANIC PROGRAM
Thu Dec 14, 2017 4:35 pm by btorres4

» Newspaper Publication
Thu Dec 14, 2017 4:10 pm by btorres4

» RENTAL OF LIGHTS AND SOUND SYSTEM
Thu Dec 14, 2017 3:46 pm by btorres4

» Newspaper Publication
Wed Dec 13, 2017 9:50 pm by btorres4

» PURCHASE OF OTHER SUPPLIES FOR SB OFFICE
Wed Dec 13, 2017 4:51 pm by btorres4

» PURCHASE OF RICE FOR FOOD SUPPLIES OF PEACE & ORDER CAMPAIGN
Wed Dec 13, 2017 3:19 pm by btorres4

» Expired Tax Clearance during payment
Wed Dec 13, 2017 3:11 pm by vallemaco6224

» PURCHASE OF MEDICINE FOR MHO
Wed Dec 13, 2017 2:53 pm by btorres4


Bid Security

View previous topic View next topic Go down

Bid Security

Post by slayer on Mon May 25, 2009 10:53 pm

Greetings.

I just want to clarify something about bid security.

A contractor submitted a bid security in a form of managers check during opening of bids for a particular project.

My question is this, is that bid security in a form of managers check must be deposited to the cashier for the corresponding official receipt to be later reimbursed if that contractor submitted a performance security, or that bid security be kept thru the BAC Secretariat and returned it to the contractor in exchange of performance security without being deposited to the cashier ?

Is there any violation if its returned without being deposited thru the cashier in exchange of performance security?

Pls enlighten me on this matter. Thanks and more power to all.

slayer
New Member
New Member

Male Number of posts : 39
Company/Agency : Government Employee
Occupation/Designation : BAC Staff
Registration date : 2009-02-12

Back to top Go down

Re: Bid Security

Post by sunriser431 on Tue May 26, 2009 1:05 am

Provision from GAA 2009

Sec. 7. Performance Bonds and Deposits. Performance bonds and deposits filed or posted by private persons or entities with agencies of the government shall be deposited with the National Treasury as trust receipts under the name of the agency concerned in accordance with E.O. No. 338, s. 1996 as implemented by COA-DBM-DOF Joint Circular No.1-97 dated January 2, 1997. Upon faithful performance of the undertaking or termination of the obligation for which the bond or deposit was required, any amount due shall be returned by the agency concerned to the filing party, withdrawable in accordance with pertinent accounting and auditing rules and regulations.

This provision shall apply to bonds posted in cash, such as bidders bond, guaranty bonds, bail bonds, judicial deposits for the benefit of clients, cash under litigation deposited in courts or quasi-judicial bodies, other refundable and judicial bonds, and all bonds and deposits required by law, rules and regulations to be posted in order to ensure the faithful performance of an activity or undertaking.
Hope this will help. Smile
avatar
sunriser431
Grand Master
Grand Master

Male Number of posts : 1518
Company/Agency : Goccs Jolo Sulu All the way Downsouth
Occupation/Designation : IAS
Registration date : 2009-05-07

Back to top Go down

Re: Bid Security

Post by slayer on Tue May 26, 2009 11:51 am

thanks for the reply

do they have a violation of not depositing the bid security in the form of managers check? what penalty or sanction must be imposed to them? considering the project is already finished and they posted a bank guarantee as performance bond.

suggestions is welcome. thanks again

slayer
New Member
New Member

Male Number of posts : 39
Company/Agency : Government Employee
Occupation/Designation : BAC Staff
Registration date : 2009-02-12

Back to top Go down

Re: Bid Security

Post by sunriser431 on Tue May 26, 2009 1:27 pm

GAAM Volume 1
Sec. 582 Malfeasance, Misfeasance and Nonfeasance in office.
a. Malfeasance is the performance of some act which ought not to be done.
b. Misfeasance is the improper performance of some act which might lawfully be done.
c. Nonfeasance is the omission of an act which ought to be performed.
avatar
sunriser431
Grand Master
Grand Master

Male Number of posts : 1518
Company/Agency : Goccs Jolo Sulu All the way Downsouth
Occupation/Designation : IAS
Registration date : 2009-05-07

Back to top Go down

Re: Bid Security

Post by Sponsored content


Sponsored content


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