Asphalt Overlay of CDC Roads - Clark Freeport Zone

2. Php 90,140.00 (2% of ABC), Irrevocable Letter of Creditissued by a Universal or Commercial Bank: Provided, however,that it shall be confirmed or authenticated by a Universal orCommercial Bank, if issued by a foreign bank.3. Php 225,350.00 (5% of ABC) if bid security is in SuretyBond callable upon demand issued by a surety or insurancecompany duly certified by the Insurance Commission asauthorized to issue such security; or4. Any combination of the foregoing proportionate to the shareof form with respect to total amount of security.18.2.;18.3;and 18.4.The bid security shall be valid until 120 calendar days upon thesubmission of Bids.18.5. (a) (iv) Additional grounds for forfeiture of bid security:1. Submission of eligibility requirements containing falseinformation or falsified documents.2. Submission of bids that contain false information or falsifieddocuments, or the concealment of such information in the bidsin order to influence the outcome of eligibility screening or anyother stage of the public bidding.3. Allowing the use of one’s name, or using the name of anotherfor purposes of public bidding.4. Withdrawal of a bid, or refusal to accept an award, or enterinto contract with the Government without justifiable cause,after the Bidder had been adjudged as having submitted theLowest Calculated and Responsive Bid.5. Refusal or failure to post the required performance securitywithin the prescribed time.6. Refusal to clarify or validate in writing its bid during postqualificationwithin a period of seven (7) calendar days fromreceipt of the request for clarification.7. Any documented unsolicited attempt by a bidder to undulyinfluence the outcome of the bidding in his favor.8. Failure of the potential joint venture partners to enter into thejoint venture after the bid is declared as successful.9. All other acts that tend to defeat the purpose of thecompetitive bidding, such as habitually withdrawing frombidding, submitting late Bids or patently insufficient bid, for atClark Development Corporation36Section III Bid Data SheetAsphalt Overlay of CDC Roads