performance bond

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performance bond

Post by AGENT007 on Sat Apr 08, 2017 2:55 pm

hello po Very Happy
ok lang po ba na ung performance bond at notice to proceed ay parehas ng date?
thanks po

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Re: performance bond

Post by pluma on Tue Apr 25, 2017 3:17 pm

AGENT007 wrote:hello po Very Happy
ok lang po ba na ung performance bond at notice to proceed ay parehas ng date?
thanks po
sa experience po namin nakakapag-issue kami ng NTP on the same day. basta po make sure na valid yung performance bond nya po, dahil madali lang naman mag-issue ng NTP (as long as available yung H.o.P.E.) it can be done as soon as we received the Performance Bond. take note lang po na dapat makapag-submit sila ng performance bond within the prescribed date sa Notice of Award.
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Re: performance bond

Post by kharon20 on Sun Apr 30, 2017 12:01 am

Sa aming practice nman po... it should not be on the same date.. why?

Pag issue nyo po ng NOA mi prescribe time to submit the performance bond... After BAC receive and review the PB, gagawan po yan ng Certificate of Authenticity (which should be authenticated by the bond issuer and members of SAC) in which would take atleast 2 days to fully authenticate...then, saka pa po namin gagawan ng CONTRACT... then NTP.

Its a requirement po sa amin to furnish NOA+PB+Certificate of Authenticity bago gawan ng Contract then after NTP..... to ensure authentic ang bond at hindi hoax...Para if in the event of contract implementation mi manayare na di kanais2x Smile ... mi habol po kami sa contractor or supplier
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Re: performance bond

Post by markshinoda on Wed May 10, 2017 5:00 pm

kharon20 wrote:Sa aming practice nman po... it should not be on the same date.. why?

Pag issue nyo po ng NOA mi prescribe time to submit the performance bond... After BAC receive and review the PB, gagawan po yan ng Certificate of Authenticity (which should be authenticated by the bond issuer and members of SAC) in which would take atleast 2 days to fully authenticate...then, saka pa po namin gagawan ng CONTRACT... then NTP.

Its a requirement po sa amin to furnish NOA+PB+Certificate of Authenticity bago gawan ng Contract then after NTP..... to ensure authentic ang bond at hindi hoax...Para if in the event of contract implementation mi manayare na di kanais2x Smile ... mi habol po kami sa contractor or supplier

Yes. This is also our practice that it should not the same date with the performance bond to give time for verification before issuing NTP. But it is possible the same date with the performance bond with NTP due to urgency. Pero risk yun sa PE.
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Re: performance bond

Post by pluma on Wed May 17, 2017 11:30 am

Thank you for this advice, there was a risk on our part nga po if the performance bond is in form of Insurance and alike but if the performance bond is in form of cash there would be no verification needed.
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