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Asphalt Overlay of CDC Roads - Clark Freeport Zone

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16. Bid Currenciesin the BDS and specified in GCC Clause 47 and its corresponding SCCprovision.16.1. All bid prices shall be quoted in Philippine Pesos unless otherwiseprovided in the BDS. However, for purposes <strong>of</strong> bid evaluation, bidsdenominated in foreign currencies shall be converted to Philippinecurrency based on the exchange rate prevailing on the day <strong>of</strong> the Bidopening.16.2. If so allowed in accordance with ITB Clause 17.1, the Procuring Entityfor purposes <strong>of</strong> bid evaluation and comparing the bid prices willconvert the amounts in various currencies in which the bid price isexpressed to Philippine Pesos at the exchange rate as published in theBSP reference rate bulletin on the day <strong>of</strong> the bid opening.16.3. Unless otherwise specified in the BDS, payment <strong>of</strong> the contract priceshall be made in Philippine Pesos.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 <strong>of</strong>the opening <strong>of</strong> bids.17.2. In exceptional circumstances, prior to the expiration <strong>of</strong> the bid validityperiod, the Procuring Entity may request Bidders to extend the period<strong>of</strong> validity <strong>of</strong> 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 <strong>of</strong> 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 <strong>of</strong> the Procuring Entity, in the amountstated in the BDS shall be equal to the percentage <strong>of</strong> the ABC inaccordance with the following schedule:(a)Form <strong>of</strong> Bid SecurityCash, cashier’s/manager’s check,bank draft/guarantee confirmedby a Universal or CommercialBank;<strong>Clark</strong> Development Corporation19Amount <strong>of</strong> Bid Security(Equal to Percentage <strong>of</strong> theABC)Two percent (2%)Section II Instructions to Bidders<strong>Asphalt</strong> <strong>Overlay</strong> <strong>of</strong> <strong>CDC</strong> <strong>Roads</strong>

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