On Warranties

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On Warranties

Post by amang'65 on Wed Apr 14, 2010 7:02 pm

instead of special bank quarantee, are we allowed to replace this with a retention money of 10% of the total contract price even if it was not a progress billing?
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Re: On Warranties

Post by RDV @ GP3i on Thu Apr 15, 2010 10:08 am

amang'65 wrote:instead of special bank quarantee, are we allowed to replace this with a retention money of 10% of the total contract price even if it was not a progress billing?

Yes, you can impose the 10% retention money from the lump-sum payment (if it is not progress payment) to be made to the supplier.

The choice really is on the supplier to either post a special bank guarantee or you impose the retention money; however, if at the time of payment, no special bank guarantee is being posted, then you necessarily have to retain 10% of his payment to cover for the warranty security.
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Re: On Warranties

Post by amang'65 on Thu Apr 15, 2010 10:49 am

Sir RDV,

i thought kasi before that retention money only applies to progress billing whereas special bank guarantee applies to contracts on one time payment. well thank you sir for the clarification.

amang
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Re: On Warranties

Post by amang'65 on Fri Apr 16, 2010 1:32 pm

wat do u tink sir orlan747? pasilipsilip ka lang dyan ha!! join na!!
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Re: On Warranties

Post by msm326 on Mon Apr 19, 2010 10:49 am

Just got from Procurement Training , the new IRR allows retention of 10% or special bank guarantee na lang no more security bond.
msm326 Very Happy
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Re: On Warranties

Post by Niwram on Mon Apr 19, 2010 12:10 pm

i agree with sir RDV that retention money can be lump-sum or by progress payment. section 62 of the IRR states that warranties maybe in the form of retention money or a special bank guarantee..
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Re: On Warranties

Post by Berna on Wed Apr 21, 2010 5:15 pm

Can we require bank guarantee then retain 10% for the amount not embraced by the bank guarantee posted?
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Re: On Warranties

Post by Guest on Wed Apr 21, 2010 5:24 pm

I believe that you cannot have a combination of warranty

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Re: On Warranties

Post by Niwram on Wed Apr 21, 2010 5:30 pm

Bernadette G. Driza wrote:Can we require bank guarantee then retain 10% for the amount not embraced by the bank guarantee posted?

You cannot require two warranties. because under section 62.1 second paragraph there is the word EITHER.
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Re: On Warranties

Post by Berna on Wed Apr 21, 2010 5:34 pm

Niwram wrote:
Bernadette G. Driza wrote:Can we require bank guarantee then retain 10% for the amount not embraced by the bank guarantee posted?

You cannot require two warranties. because under section 62.1 second paragraph there is the word EITHER.

Thanks po...
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Re: On Warranties

Post by Niwram on Wed Apr 21, 2010 5:43 pm

you are welcome po
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