Proposed Renovation of Former Jacinto Building - Clark Freeport Zone

17. Bid Validity17.1. Bids shall remain valid for the period specified in the BDS which shallnot exceed one hundred twenty (120) calendar days from the date ofthe opening of bids.17.2. In exceptional circumstances, prior to the expiration of the bid validityperiod, the Procuring Entity may request Bidders to extend the periodof validity of their bids. The request and the responses shall be madein writing. The bid security described in ITB Clause 18 should also beextended corresponding to the extension of the bid validity period atthe least. A Bidder may refuse the request without forfeiting its bidsecurity, but his bid shall no longer be considered for further evaluationand award. A Bidder granting the request shall not be required orpermitted to modify its bid.18. Bid Security18.1. The bid security, issued in favor of the Procuring Entity, in the amountstated in the BDS shall be equal to the percentage of the ABC inaccordance with the following schedule:Form of Bid Security(a) Cash or cashier’s/manager’s checkissued by a Universal or CommercialBank;Amount of Bid Security(Equal to Percentage ofthe ABC)(b) Bank draft /guarantee or Irrevocableletter of credit issued by a Universal or Two percent (2%)Commercial Bank: provided, however,that it shall be confirmed orauthenticated by a Universal orCommercial Bank, if issued by a foreignbank;(c) Surety bond callable upon demandissued by a surety or insurancecompany duly certified by the Insurance Five percent (5%)Commission as authorized to issue suchsecurity; and/or(d) Any combination of the foregoing. Proportionate to shareof form with respect tototal amount of securityFor biddings conducted by local government units, the Bidder may alsosubmit bid securities in the form of cashier’s/manager’s check, bank21Clark Development CorporationSection II Instructions to BiddersProposed Renovation of Former Jacinto Building(Motorpool, Records, Warehouses and Maintenance Area)