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Proposed Renovation of Former Jacinto Building - Clark Freeport Zone

Proposed Renovation of Former Jacinto Building - Clark Freeport Zone

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(g)Other contract documents that may be required by existing lawsand/or specified in the BDS.32. Performance Security32.1. To guarantee the faithful performance by the winning Bidder <strong>of</strong> itsobligations under the contract, it shall post a performance securitywithin a maximum period <strong>of</strong> ten (10) calendar days from the receipt <strong>of</strong>the Notice <strong>of</strong> Award from the Procuring Entity and in no case later thanthe signing <strong>of</strong> the contract.32.2. The performance security shall be denominated in Philippine Pesos andposted in favor <strong>of</strong> the Procuring Entity in an amount equal to thepercentage <strong>of</strong> the total contract price in accordance with the followingschedule:Form <strong>of</strong> Performance Security(a) Cash, cashier’s/manager’s check issued by aUniversal or Commercial Bank;Amount <strong>of</strong>Performance Security(Equal to Percentage<strong>of</strong> the Total ContractPrice)(b) Bank Draft/ Guarantee or Irrevocable letter<strong>of</strong> credit issued by a Universal orCommercial Bank: Provided, however, that itshall be confirmed or authenticated by aUniversal or Commercial Bank, if issued by aforeign bank;(c) Surety bond callable upon demand issuedby a surety or insurance company dulycertified by the Insurance Commission asauthorized to issue such security; and/or(d) Any combination <strong>of</strong> the foregoing.33Ten percent (10%)Thirty percent (30%)Proportionate to share<strong>of</strong> form with respect tototal amount <strong>of</strong>security32.3. Failure <strong>of</strong> the successful Bidder to comply with the above-mentionedrequirement shall constitute sufficient ground for the annulment <strong>of</strong> theaward and forfeiture <strong>of</strong> the bid security, in which event the ProcuringEntity shall initiate and complete the post qualification <strong>of</strong> the secondLowest Calculated Bid. The procedure shall be repeated until theLowest Calculated and Responsive Bid is identified and selected forcontract award. However if no Bidder passed post-qualification, theBAC shall declare the bidding a failure and conduct a re-bidding withre-advertisement.<strong>Clark</strong> Development CorporationSection II Instructions to Bidders<strong>Proposed</strong> <strong>Renovation</strong> <strong>of</strong> <strong>Former</strong> <strong>Jacinto</strong> <strong>Building</strong>(Motorpool, Records, Warehouses and Maintenance Area)

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