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Official Receipt in the surety bond

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Official Receipt in the surety bond

Post by slayer on Sat Dec 10, 2011 12:17 pm

Good day to all

Can we disqualify a bidder during opening of bids if his bid security in a form of surety bond doesn't have an official receipt attached? but it has a certification from the insurance commission.

we believe in the committee that it is an integral part of the surety bond and without the attachment of makes your bid non-complying.

do we have the right decision to disqualify the said bidder? thanks and more power

slayer
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Re: Official Receipt in the surety bond

Post by engrjhez® on Sat Dec 10, 2011 12:22 pm

slayer wrote:Good day to all

Can we disqualify a bidder during opening of bids if his bid security in a form of surety bond doesn't have an official receipt attached? but it has a certification from the insurance commission.

we believe in the committee that it is an integral part of the surety bond and without the attachment of makes your bid non-complying.

do we have the right decision to disqualify the said bidder? thanks and more power

Hi slayer,

I have previously answered a similar query here>>> http://gppb.topicsolutions.net/t1221-receipt-of-surety-bond

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Re: Official Receipt in the surety bond

Post by slayer on Sat Dec 10, 2011 12:48 pm

thanks engrjhez

more power

slayer
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Re: Official Receipt in the surety bond

Post by vince on Wed Dec 28, 2011 2:20 pm

Is it a requirement that the certification issued by the Insurance Commission be project specific? or is it enough that the certification states that the bonding/surety company is authorized to issue bonds callable on demand?

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