reuse of bid security

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reuse of bid security

Post by REZIE on Mon Oct 24, 2011 11:51 am

hi everyone, we have a situation wherein a loosing bidder won in our new set of public bidding...the timetable is not that far from the previous public bidding we've done..
My question is can the loosing bidder reuse the bid security? The Surety bond is silent as to specifications. just a plain National Greening Project...this new bidding we have now is also National Greening Project that is lower than that of the previous...please help us out...thanks!!!

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Re: reuse of bid security

Post by RDV @ GP3i on Mon Oct 24, 2011 2:51 pm

REZIE wrote:hi everyone, we have a situation wherein a loosing bidder won in our new set of public bidding...the timetable is not that far from the previous public bidding we've done..
My question is can the loosing bidder reuse the bid security? The Surety bond is silent as to specifications. just a plain National Greening Project...this new bidding we have now is also National Greening Project that is lower than that of the previous...please help us out...thanks!!!

You cannot reuse a bid security because: a) it is specific to a project; and b) it ha a validity period which is from date of bid opening up to a maximum of 120 calendar days from that date.
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Re: reuse of bid security

Post by chrissy on Sat Nov 05, 2011 11:34 pm

the surety bond is good for only 1 transaction. In case of failure of the 1st bidding. you cannot reuse it in the 2nd even if it is of the same project, I think. Idea
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Re: reuse of bid security

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