Asphalt Overlay of CDC Roads - Clark Freeport Zone
Asphalt Overlay of CDC Roads - Clark Freeport Zone
Asphalt Overlay of CDC Roads - Clark Freeport Zone
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(b) Irrevocable letter <strong>of</strong> credit issuedby a Universal or CommercialBank: provided, however, that itshall be confirmed orauthenticated by a Universal orCommercial Bank, if issued by aforeign bank;(c) Surety bond callable upondemand issued by a surety orinsurance company duly certifiedby the Insurance Commission asauthorized to issue such security;and/or(d) Any combination <strong>of</strong> theforegoing.Five percent (5%)Proportionate to share <strong>of</strong> formwith respect to total amount <strong>of</strong>securityFor biddings conducted by local government units, the Bidder may alsosubmit bid securities in the form <strong>of</strong> cashier’s/manager’s check, bankdraft/guarantee, or irrevocable letter <strong>of</strong> credit from other banks certifiedby the BSP as authorized to issue such financial statement.18.2. The bid security should be valid for the period specified in the BDS.Any bid not accompanied by an acceptable bid security shall berejected by the Procuring Entity as non-responsive.18.3. No bid securities shall be returned to bidders after the opening <strong>of</strong> bidsand before contract signing, except to those that failed or declared aspost-disqualified, upon submission <strong>of</strong> a written waiver <strong>of</strong> their right t<strong>of</strong>ile a motion for reconsideration and/or protest. Without prejudice onits forfeiture, Bid Securities shall be returned only after the bidder withthe Lowest Calculated Responsive Bid has signed the contract andfurnished the Performance Security, but in no case later than theexpiration <strong>of</strong> the Bid Security validity period indicated in the BDS.18.4. Upon signing and execution <strong>of</strong> the contract, pursuant to ITB Clause31, and the posting <strong>of</strong> the performance security, pursuant to ITBClause 32, the successful Bidder’s Bid security will be discharged, butin no case later than the Bid security validity period as indicated in theBDS.18.5. The bid security may be forfeited:(a)if a Bidder:(i)withdraws its Bid during the period <strong>of</strong> Bid validityspecified by the Bidder on the Bid Form;20<strong>Clark</strong> Development CorporationSection II Instructions to Bidders<strong>Asphalt</strong> <strong>Overlay</strong> <strong>of</strong> <strong>CDC</strong> <strong>Roads</strong>
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