bid security

bid security

The deposit of cash, certified check, cashier’s check, bank draft, money order, or bid bond submitted with a bid and serving to guarantee to the owner that the bidder, if awarded the contract, will execute such contract in accordance with the bidding requirements and the contract documents.
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Prosecutors questioned the conversion of the bid security into performance security.
In his resolution, De la Cruz said that during the bidding, the DPWH-SBAC noted that the validity of OIDI's bid security form had a November 25, 2014 expiry date instead of the required November 29, 2014 which was four days short of the required 180-day validity, prompting other bidders to seek OIDI's disqualification from the bidding process over non-compliance to bidding rules.
They further said that at NHA is not implementing the Pakistan Engineering Councils Standard Form of Bidding Documents as approved by ECNEC and notified by Planning Commission of Pakistan including acceptance of bid security and performance security offered by bidders in the form of insurance bond as laid down in PEC Standard Form of Bidding Documents.
On one occasion, a woman frantically reported her lost son's description to a BID security officer, who relayed it to 18 others via walkie-talkie.
The DPWH noted that the bid security issued by ANZ Bank contained an expiry date of Nov.