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Bid security: Bank Guarantee

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Bid security: Bank Guarantee

Post by osgac2011 on Tue Sep 25, 2012 11:38 am

Is Bank Guarantee issued by a registered Cooperative can be an acceptable form, since based on RA 9184, this Form has to be issued by a Universal or Commercial Bank. Thank you. Smile

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Re: Bid security: Bank Guarantee

Post by regina avelino on Tue Sep 25, 2012 12:41 pm

based on the provisions of 9184 as you have cited above, then it is clear that bank guarantee issued by a cooperative is not acceptable.

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Re: Bid security: Bank Guarantee

Post by Pidro on Tue Sep 25, 2012 5:31 pm

If it is a cooperative bank, it may fall under the 2nd par of 27. 2 of the IRR – “For bidding conducted by LGUs, xxx from other banks certified by the BSP as authorized to issue such financial instrument.”

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Re: Bid security: Bank Guarantee

Post by regina avelino on Wed Sep 26, 2012 9:30 am

my apology, i submit to your opinion based on the provision you have given for biddings conducted by LGUs for as long as you are with LGU and you conduct post-qualification that the cooperative is BSP certified to issue such instrument.

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