Bid Bond in the form of Cash

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Bid Bond in the form of Cash

Post by clmagsino on Thu Sep 09, 2010 6:05 pm

Since we've requested all bidders to submit three copies of their bid docs, all those who have participated in our bidding exercises have diligently submitted 2 photocopies of their bid bonds -- copies of their checks or surety bonds -- in the two other sets of their bid submission.

But yesterday, we were surprised when a bidder submitted their bid bond in the form of cash! She actually photocopied all the peso bills (in one thousand denominations) and ended up with an additional half inch of bond paper in the second and third set of copies of their bid docs.

Is this the right way of doing it?
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Re: Bid Bond in the form of Cash

Post by RDV @ GP3i on Thu Sep 09, 2010 6:34 pm

clmagsino wrote:Since we've requested all bidders to submit three copies of their bid docs, all those who have participated in our bidding exercises have diligently submitted 2 photocopies of their bid bonds -- copies of their checks or surety bonds -- in the two other sets of their bid submission.

But yesterday, we were surprised when a bidder submitted their bid bond in the form of cash! She actually photocopied all the peso bills (in one thousand denominations) and ended up with an additional half inch of bond paper in the second and third set of copies of their bid docs.

Is this the right way of doing it?

The right way for the bidder to do, sir toto, is to pay the amount of bid security, if in the form of cash, to the procuring entity's collecting officer/cashier. The copy of the Official Receipt evidencing payment of bid security will be the one that should be in his technical proposal.

Just for curiosity, did the bidder photocopied the one-thousand peso bills back to back? Very Happy
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Re: Bid Bond in the form of Cash

Post by engrjhez® on Thu Sep 09, 2010 7:11 pm

RDV @ GP3i wrote:The right way for the bidder to do, sir toto, is to pay the amount of bid security, if in the form of cash, to the procuring entity's collecting officer/cashier. The copy of the Official Receipt evidencing payment of bid security will be the one that should be in his technical proposal.

Just for curiosity, did the bidder photocopied the one-thousand peso bills back to back? Very Happy

I though I'd never laugh again at this forum. lol! Nice one, RDV.

If I were the BAC member who opened the envelope, I may think those are "marked money". Smile
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Re: Bid Bond in the form of Cash

Post by sunriser431 on Thu Sep 09, 2010 7:20 pm

engrjhez® wrote:
RDV @ GP3i wrote:The right way for the bidder to do, sir toto, is to pay the amount of bid security, if in the form of cash, to the procuring entity's collecting officer/cashier. The copy of the Official Receipt evidencing payment of bid security will be the one that should be in his technical proposal.

Just for curiosity, did the bidder photocopied the one-thousand peso bills back to back? Very Happy

I though I'd never laugh again at this forum. lol! Nice one, RDV.

If I were the BAC member who opened the envelope, I may think those are "marked money". Smile
or Photocopying of legal tender currencies could be in violation of the Central banking system, just wondering Colored or Black and white. lol! These forum never failed to amazed me. Peace
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Re: Bid Bond in the form of Cash

Post by sunriser431 on Sun Sep 12, 2010 7:43 pm

Sharing our procedures in case of posting of "cash" bid securities, althought agengies do vary the procedures, for us are as follows.

after all the prescribe procedures have been complied, with the assistance of the BAC Secretariat, the "cash" bid securities will be remitted to the cashier. The original official receipts will be photocopied and the copies to be attached as part of the supporting documents, however the "original receipts will be return to the prospective bidder for supporting documents in case for later refund. Our Finance personnel will always require the Original "OR" in case a bidder will request for refund of the cash bid securities.

If in case the Original receipts got lost/misplaced, affidavit of lost will be required from the bidder, these will served as part of supporting documents for processing of the refund. Hope, it will be of help. bounce
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Re: Bid Bond in the form of Cash

Post by engrjhez® on Sun Sep 12, 2010 7:57 pm

sunriser431 wrote:Sharing our procedures in case of posting of "cash" bid securities, althought agengies do vary the procedures, for us are as follows.

after all the prescribe procedures have been complied, with the assistance of the BAC Secretariat, the "cash" bid securities will be remitted to the cashier. The original official receipts will be photocopied and the copies to be attached as part of the supporting documents, however the "original receipts will be return to the prospective bidder for supporting documents in case for later refund. Our Finance personnel will always require the Original "OR" in case a bidder will request for refund of the cash bid securities.

If in case the Original receipts got lost/misplaced, affidavit of lost will be required from the bidder, these will served as part of supporting documents for processing of the refund. Hope, it will be of help. bounce

I think you should ask, as part of the refund requirement, a certification from the BAC that the bidder is allowed to be refunded of their cash bid securities after expressing that they did not intent to file an MR/RFR or after three (3) days, the BAC certifies that the bidder is disqualified/ineligible for any consideration of LCB/HRB in that particular procurement.

This will make sure bid securities are not returned earlier than its purpose. Smile
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Re: Bid Bond in the form of Cash

Post by fe a. araya on Sun Sep 12, 2010 9:08 pm

I had a hearty laugh, guys (alone). I really enjoy this forum. Kala ko puro kayo seryoso lalo na si Sir RDV. Kelan ko kaya kayo mameet? I have already met jcolas during the philgeps trainers training. He saw me signed my name and then he told me my name is familiar. AT first sabi ko am sure sa gppb forum. but he did not introduce himself kung ano ang alyas nya. Pero nahulaan ko hehehe It's a small world indeed.
But thanks, engrjhez for that input re: refund of cash bond. Just in time kasi may issue din kami bout a losing bidder's request for refund
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Re: Bid Bond in the form of Cash

Post by sunriser431 on Sun Sep 12, 2010 9:16 pm

For disqualified Bidder(s), any cash bid securities will be return outright, provided proper procedures have been applied in accordance with the GPRA, and bidder(s) have been informed of his rights. bounce


Last edited by sunriser431 on Sun Sep 12, 2010 9:31 pm; edited 1 time in total
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Re: Bid Bond in the form of Cash

Post by sunriser431 on Sun Sep 12, 2010 9:30 pm

engrjhez® wrote:
sunriser431 wrote:Sharing our procedures in case of posting of "cash" bid securities, althought agengies do vary the procedures, for us are as follows.

after all the prescribe procedures have been complied, with the assistance of the BAC Secretariat, the "cash" bid securities will be remitted to the cashier. The original official receipts will be photocopied and the copies to be attached as part of the supporting documents, however the "original receipts will be return to the prospective bidder for supporting documents in case for later refund. Our Finance personnel will always require the Original "OR" in case a bidder will request for refund of the cash bid securities.

If in case the Original receipts got lost/misplaced, affidavit of lost will be required from the bidder, these will served as part of supporting documents for processing of the refund. Hope, it will be of help. bounce

I think you should ask, as part of the refund requirement, a certification from the BAC that the bidder is allowed to be refunded of their cash bid securities after expressing that they did not intent to file an MR/RFR or after three (3) days, the BAC certifies that the bidder is disqualified/ineligible for any consideration of LCB/HRB in that particular procurement.

This will make sure bid securities are not returned earlier than its purpose. Smile
Actually before any refund to be process, a "Certification" from the BAC is required , although I have not mentioned it ealier in my post, and we have been doing it ever since, however for losing bidder(s) request for refund will follow the same procedure . bounce
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Re: Bid Bond in the form of Cash

Post by msm326 on Mon Sep 13, 2010 10:46 am

Good day...

Nice answers .....it is a nice way to start the day..browsing in the forum for some updates...in our case the collection officer is present just in case there were cash bidder's bond. We ask for a BAC certification also as part of the refund requirement .

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Re: Bid Bond in the form of Cash

Post by clmagsino on Mon Sep 13, 2010 5:25 pm

Thanks a lot for all your comments!

And to satisfy your curiosity, no she did not photocopy both sides... Very Happy
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Re: Bid Bond in the form of Cash

Post by engrjhez® on Mon Sep 13, 2010 6:28 pm

fe a. araya wrote:I had a hearty laugh, guys (alone). I really enjoy this forum. Kala ko puro kayo seryoso lalo na si Sir RDV. Kelan ko kaya kayo mameet? I have already met jcolas during the philgeps trainers training. He saw me signed my name and then he told me my name is familiar. AT first sabi ko am sure sa gppb forum. but he did not introduce himself kung ano ang alyas nya. Pero nahulaan ko hehehe It's a small world indeed.
But thanks, engrjhez for that input re: refund of cash bond. Just in time kasi may issue din kami bout a losing bidder's request for refund

No problem. Kapag nasa Manila area ka, advise mo lang ako. I can always drive my way to meet colleagues as long as my schedule permits. I have been also longing to see each of you as I have been asking for an acquaintance party with GPPB Forum moderators and members (sana ma-initiate ng GPPB Smile).

I already met our moderator, dlsn, who is now the OIC of GPPB-TSO, on our visit to their office last 07 Sept 2010, as well as Niwram and Ligaw na Binatog. I forgot to ask who is Wapolnic though. Sana pag nag meetup, wag na prcurement ang pag-usapan, haha! Very Happy
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Re: Bid Bond in the form of Cash

Post by engrjhez® on Mon Sep 13, 2010 6:29 pm

clmagsino wrote:Thanks a lot for all your comments!

And to satisfy your curiosity, no she did not photocopy both sides... Very Happy

1-side lang? joke Laughing
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Re: Bid Bond in the form of Cash

Post by jcolas on Mon Sep 13, 2010 9:00 pm

Is this the right way of doing it?

Never ending questions, but these are the very reasons why those in the know should join hands and come up up with trainings for those who need it. And as I keep saying, learning starts the minute you accept ignorance of the issue. Welcome and keep on asking Sir clmagsino.
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