Submission of Performance Security

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Submission of Performance Security

Post by ajac on Sun Nov 18, 2012 10:34 am

Is it allowed under R.A. 9184 replacement of Performance Security from Cash to Surety bond during the validity period of the contract?

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Re: Submission of Performance Security

Post by RDV @ GP3i on Sun Nov 18, 2012 10:43 am

ajac wrote:Is it allowed under R.A. 9184 replacement of Performance Security from Cash to Surety bond during the validity period of the contract?

The law and the IRR is silent about it. Since it is not prohibited, it could be allowed, subject to the approval of the procuring entity based on the justification for the replacement, but the validity of the surety bond should start from contract signing and not from the time of replacement until one year after completion.
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Re: Submission of Performance Security

Post by ajac on Sun Nov 18, 2012 10:31 pm

RDV @ GP3i wrote:
ajac wrote:Is it allowed under R.A. 9184 replacement of Performance Security from Cash to Surety bond during the validity period of the contract?

The law and the IRR is silent about it. Since it is not prohibited, it could be allowed, subject to the approval of the procuring entity based on the justification for the replacement, but the validity of the surety bond should start from contract signing and not from the time of replacement until one year after completion.

Thanks RDV. More Power.

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