PROCUREMENT OF SECURITY SERVICES REQUIREMENT ... - NFA

Form of Performance SecurityAmount of Performance Security(Equal to Percentage of the TotalContract Price)(a) Cash or cashier’s/manager’s check issuedby a Universal or Commercial Bank. Five percent (5%)(b) Bank draft/guarantee or irrevocable letterof credit issued by a Universal orCommercial Bank: Provided, however,that it shall be confirmed orauthenticated by a Universal orCommercial Bank, if issued by a foreignbank.(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 of the foregoing.Five percent (5%)Thirty percent (30%)Proportionate to share of form withrespect to total amount of security33.3. Failure of the successful Bidder to comply with the above-mentioned requirement shall constitutesufficient ground for the annulment of the award and forfeiture of the bid security, in which event theProcuring Entity shall initiate and complete the post qualification of the second Lowest Calculated Bid.The procedure shall be repeated until the LCRB is identified and selected for contract award. However ifno Bidder passed post-qualification, the BAC shall declare the bidding a failure and conduct a re-biddingwith re-advertisement.34. Notice to Proceed34.1. Within three (3) calendar days from the date of approval of the contract by the appropriate governmentapproving authority, the Procuring Entity shall issue its Notice to Proceed to the Bidder.34.2. The contract effectivity date shall be provided in the Notice to Proceed by the Procuring Entity, whichdate shall not be later than seven (7) calendar days from the issuance of the Notice to Proceed.25