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BID SECURITY (AND BID SECURING DECLARATION / OR BID SECURING DECLARATION)

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BID SECURITY (AND BID SECURING DECLARATION / OR BID SECURING DECLARATION)

Post by shark on Thu Oct 01, 2015 7:25 pm

Good day!

I would like to make some clarification as to the form of bid security we should require our bidders. Should it be:

(a). Bids Securing Declaration AND Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security; or

(b). Bids Securing Declaration OR Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security

in our case, we require (a).

looking forward to hear some comments.

thank you.


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Re: BID SECURITY (AND BID SECURING DECLARATION / OR BID SECURING DECLARATION)

Post by alpha1 on Thu Oct 08, 2015 12:07 pm

shark wrote:Good day!

I would like to make some clarification as to the form of bid security we should require our bidders. Should it be:

(a). Bids Securing Declaration AND  Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security; or

(b). Bids Securing Declaration OR  Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security

in our case, we require (a).

looking forward to hear some comments.

thank you.


I think the PE are not supposed to require the kind of bid security the bidder may submit. It's up to the bidder what bid security it may submit.
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Re: BID SECURITY (AND BID SECURING DECLARATION / OR BID SECURING DECLARATION)

Post by alpha1 on Thu Oct 08, 2015 12:09 pm

shark wrote:Good day!

I would like to make some clarification as to the form of bid security we should require our bidders. Should it be:

(a). Bids Securing Declaration AND  Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security; or

(b). Bids Securing Declaration OR  Cash or cashier’s/manager’s check, issued by a Universal or Commercial Bank/Bank draft/guarantee or irrevocable letter of credit issued by a Universal or Commercial Bank: Provided, however, that it shall be confirmed or authenticated by a Universal or Commercial Bank, if issued by a foreign bank / Surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security

in our case, we require (a).

looking forward to hear some comments.

thank you.


I think the PE are not supposed to require the kind of bid security the bidder may submit. It's up to the bidder what bid security it may submit.
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alpha1
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Re: BID SECURITY (AND BID SECURING DECLARATION / OR BID SECURING DECLARATION)

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