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Forfeiture of Bid Security

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Forfeiture of Bid Security

Post by regina avelino on Mon Apr 02, 2012 10:54 am

Hello sirs/madammes,

just want to know if forfeiture of bid security is automatic if the LCB is declared post disqualified? I based this from Section 34.2 (d) where it stated that "Other appropriate licenses and permits required by law and stated in the bidding documents. Failure to submit the above requirements on time or a finding against the veracity of such shall be ground for the forfeiture of the bid security and disqualify the bidder for award". thanks in advance.... Like a Star @ heaven queen Like a Star @ heaven

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Re: Forfeiture of Bid Security

Post by RDV @ GP3i on Mon Apr 02, 2012 12:22 pm

regina avelino wrote:Hello sirs/madammes,

just want to know if forfeiture of bid security is automatic if the LCB is declared post disqualified? I based this from Section 34.2 (d) where it stated that "Other appropriate licenses and permits required by law and stated in the bidding documents. Failure to submit the above requirements on time or a finding against the veracity of such shall be ground for the forfeiture of the bid security and disqualify the bidder for award". thanks in advance.... Like a Star @ heaven queen Like a Star @ heaven

Failure to submit requirements, such as the one mentioned in Section 34.2(d) of the IRR, should only result to the disqualification of the bidder.

The procuring entity may impose sanctions, such as forfeiture of bid security, if you find out that the bidder submitted false information or falsified the documents. In that case also, forfeiture is not automatic. There has to be due process before you could forfeit the bid security and/or impose other appropriate sanctions.
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Re: Forfeiture of Bid Security

Post by regina avelino on Mon Apr 02, 2012 2:31 pm

noted sir, many thanks.

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Re: Forfeiture of Bid Security

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