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Form of Bid Security

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Form of Bid Security

Post by kurpak13 on Mon Feb 18, 2013 1:00 pm

Good day Sir..

1. May I know what is the difference between a bidder's bond and security Bond?
2. As prescribed in the revised IRR for procurement of Goods, only surety bond can be gleaned from the choices as form of bid security and not bidder's bond. Can the BAC DISQUALIFY a supplier/bidder for using bidder's bond as their for of bid security and not surety bond..

can u help me sir/mam on this matter.. tnx and more power

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Re: Form of Bid Security

Post by attywaws on Mon Feb 18, 2013 3:43 pm

IMO, we should not differentiate the two terms because "Surety Bond" is merely a classification of "Bidder's Bond" which is just "another" term used for Bid Security.

On the basis of the abovementioned argument, the BAC cannot disqualify the supplier/bidder on the basis that they merely used the title "Bidder's Bond" instead of Bid Security. Of course, it's not the same when the "Bidder's Bond" does not at all meet the minimum amount required.
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