Asphalt Overlay of CDC Roads - Clark Freeport Zone
Asphalt Overlay of CDC Roads - Clark Freeport Zone Asphalt Overlay of CDC Roads - Clark Freeport Zone
(c)(d)Signing of the contract as provided in ITB Clause 31; andApproval by higher authority, if required.31. Signing of the Contract31.1. At the same time as the Procuring Entity notifies the successful Bidderthat its Bid has been accepted, the Procuring Entity shall send theContract Form to the Bidder, which Contract has been provided in theBidding Documents, incorporating therein all agreements between theparties.31.2. Within ten (10) calendar days from receipt of the Notice of Award, thesuccessful Bidder shall post the required performance security, signand date the contract and return it to the Procuring Entity.31.3. The Procuring Entity shall enter into contract with the successful Bidderwithin the same ten (10) calendar days period provided that all thedocumentary requirements are complied with.31.4. The following documents shall form part of the contract:(a)(b)(c)(d)(e)(f)(g)Contract Agreement;Bidding Documents;Winning bidder’s bid, including the Technical and FinancialProposals, and all other documents/statements submitted;Performance Security;Credit line in accordance with ITB Clause 5.5, if applicable;Notice of Award of Contract; andOther 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 of itsobligations under the contract, it shall post a performance securityprior to the signing of the contract.32.2. The performance security shall be in an amount equal to a percentageof the total contract price in accordance with the following schedule:30Clark Development CorporationSection II Instructions to BiddersAsphalt Overlay of CDC Roads
Form of Performance Security(a) Cash, cashier’s/manager’s check,bank draft/guarantee confirmedby a Universal or CommercialBank;(b) Irrevocable letter of 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 of the foregoing.Amount of PerformanceSecurity(Equal to Percentage of theTotal Contract Price)Five percent (5%)Thirty percent (30%)Proportionate to share ofform with respect to totalamount of security32.3. Within a maximum period of ten (10) calendar days from the receipt ofthe Notice of Award from the Procuring Entity and in no case later thanthe signing of the contract between the successful Bidder and theProcuring Entity, the successful bidder shall furnish to the ProcuringEntity the performance security in accordance with the Conditions ofContract, and in the Form prescribed in the Bidding Documents.32.4. Failure of the successful Bidder to comply with the requirement of ITBClause 32 shall constitute sufficient grounds for the annulment of theaward and forfeiture of the bid security, in which event the ProcuringEntity shall initiate and complete the post qualification of the secondLowest Calculated Bid. The procedure shall be repeated until the LCRBis identified and selected for contract award. However, if no Bidderpassed post-qualification, the BAC shall declare the bidding a failureand conduct a re-bidding with re-advertisement.31Clark Development CorporationSection II Instructions to BiddersAsphalt Overlay of CDC Roads
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(c)(d)Signing <strong>of</strong> the contract as provided in ITB Clause 31; andApproval by higher authority, if required.31. Signing <strong>of</strong> the Contract31.1. At the same time as the Procuring Entity notifies the successful Bidderthat its Bid has been accepted, the Procuring Entity shall send theContract Form to the Bidder, which Contract has been provided in theBidding Documents, incorporating therein all agreements between theparties.31.2. Within ten (10) calendar days from receipt <strong>of</strong> the Notice <strong>of</strong> Award, thesuccessful Bidder shall post the required performance security, signand date the contract and return it to the Procuring Entity.31.3. The Procuring Entity shall enter into contract with the successful Bidderwithin the same ten (10) calendar days period provided that all thedocumentary requirements are complied with.31.4. The following documents shall form part <strong>of</strong> the contract:(a)(b)(c)(d)(e)(f)(g)Contract Agreement;Bidding Documents;Winning bidder’s bid, including the Technical and FinancialProposals, and all other documents/statements submitted;Performance Security;Credit line in accordance with ITB Clause 5.5, if applicable;Notice <strong>of</strong> Award <strong>of</strong> Contract; andOther 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 securityprior to the signing <strong>of</strong> the contract.32.2. The performance security shall be in an amount equal to a percentage<strong>of</strong> the total contract price in accordance with the following schedule:30<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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