Make your own free website on Tripod.com
IB-4
 
BID SECURITY

 The original copy of the bid shall be accompanied by a Bid Security: It may be in the form of:

Bid Security shall be valid for at least one hundred twenty (120) calendar days after the opening of bids.

Letters and telegrams purporting to show compliance with the above requirement will not be considered.

A bid which is not accompanied by the required Bid Security will be rejected outright.

No bid securities submitted in the form of sureties of all complying bidders shall be returned after the opening of bids. Bid securities submitted in form other than sureties may be returned upon official request of the bidder provided that he is not among the three lowest complying bidders and such withdrawal shall be construed as a waiver by the bidder for award of Contract. Bid securities in the form of sureties shall be returned only after the successful Bidder has signed the Contract and furnished the Performance Security but in any case not later than one hundred twenty (120) calendar days after the opening of bids.

In case the successful Bidder fails for any reason to execute the Contract and/or furnish a Performance Security, the Bidder's Bid Security shall be forfeited to the NIA as liquidated damages and not by way of penalty, since the exact damage caused to the NIA by such failure is difficult if not impossible to determine accurately.