Surety Bond

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Surety Bond

Post by Dong S on Wed Jun 13, 2012 11:54 am

Please your opinion on this.... "Wether the failure to indicate the Name of Project of a particular procurement in the Surety Bond is a sufficient ground to disqualify a prospective bidder."

Thank you guys!



Last edited by Dong S on Wed Jun 13, 2012 12:41 pm; edited 1 time in total
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Dong S
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Re: Surety Bond

Post by regina avelino on Wed Jun 13, 2012 12:21 pm

Failure to indicate in the project in the surety bond would mean disqualification.

NPM 17-2012

"As regards the content of the certification, please note that as discussed in a previous opinion and in compliance with Sections 27.2 (c) and 39.2 (c), the certification which must be submitted by the bidder together with the surety bond must (i) unequivocally state that the surety or insurance company is specifically authorized to issue surety bonds callable on demand, and (ii) must be issued by the Insurance Commission. Further, we wish to note that since the surety bond required under Sections 27.2 (c) and 39.2 (c) is required to be project specific, the certification from the Insurance Commission must also be project specific."

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Re: Surety Bond

Post by Dong S on Wed Jun 13, 2012 12:48 pm

I cannot see in that section (Sec 27.2 c, 39.2 c) that surety bond must be project specific.

Is there any other reference/s where we can cite that surety bond has to be project specific?
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Re: Surety Bond

Post by Dong S on Wed Jun 13, 2012 1:03 pm

"unequivocally state that the surety or insurance company is specifically authorized to issue surety bonds callable on demand"

Okey, salamat po. Gets ko na po!

Have a pleasant day to all!
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Re: Surety Bond

Post by RDV @ GP3i on Wed Jun 13, 2012 2:30 pm

Dong S wrote:Please your opinion on this.... "Wether the failure to indicate the Name of Project of a particular procurement in the Surety Bond is a sufficient ground to disqualify a prospective bidder."

Thank you guys!


The Surety Bond has to be project specific, hence, failure to indicate the name of the project in the surety bond is a ground for the disqualification of a bidder.

Please read NPM 69-2012.
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