Forfeiture of bid security

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Forfeiture of bid security

Post by regina avelino on Mon Apr 30, 2012 12:14 pm

Is failure to submit on time of the Credit Line Certificate and Joint Venture agreement prior contract sign with is within 10 days from issuance of Notice of Award grounds for forfeiture of Bid Security? Please advise po and good morning.

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Re: Forfeiture of bid security

Post by sunriser431 on Mon Apr 30, 2012 1:25 pm

regina avelino wrote:Is failure to submit on time of the Credit Line Certificate and Joint Venture agreement prior contract sign with is within 10 days from issuance of Notice of Award grounds for forfeiture of Bid Security? Please advise po and good morning.
Please refer to the PBDs 4th Edition Section 11 Instructions to Bidders specifically section 18.5. bounce
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Re: Forfeiture of bid security

Post by regina avelino on Mon Apr 30, 2012 2:44 pm

thank you sir.....

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Re: Forfeiture of bid security

Post by sunriser431 on Wed May 02, 2012 3:57 pm

regina avelino wrote:thank you sir.....
as always you are welcome. bounce
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Re: Forfeiture of bid security

Post by Jovinal on Wed May 02, 2012 10:21 pm

Credit Line Certificate and Joint Venture agreement are the requirements for ELIGIBILITY , How come that bidder was able to attend the bidding, when he is not eligible due to failure to credit line or Joint Venture agreement ?
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Re: Forfeiture of bid security

Post by RDV @ GP3i on Thu May 03, 2012 7:57 am

Jovinal wrote:Credit Line Certificate and Joint Venture agreement are the requirements for ELIGIBILITY , How come that bidder was able to attend the bidding, when he is not eligible due to failure to credit line or Joint Venture agreement ?

What is really required, for purposes of eligibility, is a commitment from a bank to extend a credit line to the bidder if it is awarded a contract. The actual credit line will be submitted before or during contract signing. On the other hand, potential joint venture partners may also participate in bidding even if they have no JVA yet. For purposes of eligibility, they are only required to submit a sworn statement that they will enter into and submit a JVA within 10 c.d. from receipt of NOA.
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