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Period of Filing for the Forfeiture of Performance Bond

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Period of Filing for the Forfeiture of Performance Bond

Post by zeffgervace on Fri Jan 20, 2012 12:08 pm

Gud day po..

Ask lang po, when is the right time to file for the forfeiture of the Performance Bond?

You see, we have filed for the forfeiture of the PB posted by a certain construction company who failed to perform its obligation under the contract. However, upon filing and submission of the necessary documents to the Insurance company, we were informed that we have to wait for the expiration (March 2012) of the PB before filing. We have with us a copy of the letter from the construction company, received last August 31, 2011, that they are no longer interested in pursuing the contract.

Based on our understanding, we can no longer demand for the collection of the Performance Bond once it has already expired. Mali po ba kmi? According to the insurance staff, the Construction Company was given until the expiration date of the PB to fulfill its obligation. Are they right? Confused lang po kami cause they seem to be unsure with their answers. Crying or Very sad

Please enlighten us regarding this dilemma.. scratch

thanks in advance..

zeffgervace
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Male Number of posts : 7
Company/Agency : PhilHealth Regional Office
Occupation/Designation : Admin Services Asst
Registration date : 2011-05-12

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