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Is registration of JVA to the SEC is necessary and required?

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Is registration of JVA to the SEC is necessary and required?

Post by redxet on Tue Apr 23, 2013 6:54 pm

Two bidders entered into a joint venture agreement before the bidding and ultimately won the bidding and awarded and execute the contract and issued a notice to proceed . The losing bidder filed a MR after the opening of the bidding for the reason that the BAC disqualified for lack of documentary requirement and her MR was denied for lack of merits and instead of filing a protest and paid the required protest fee she filed another MR complaining that the JVA of winning bidding was not registered at the SEC and requesting the BAC to nullify the awarding of contract. The winning bidder asked the SEC to register the JVA even just received the JVA at the main office of SEC. The desk officer of SEC informed the winning bidder verbally that the SEC did not required to submit the copy of JVA since it is an internal arrangement between the two bidder and the SEC only required the GIS, AFS and Annual report. Since, the SEC was reorganized the SEC main mandate is administrative in nature which include monitoring and the quasi-judicial function was already transferred to RTC or other government agencies.

Thank you

redxet

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Re: Is registration of JVA to the SEC is necessary and required?

Post by RDV @ GP3i on Wed Apr 24, 2013 6:41 am

redxet wrote:Two bidders entered into a joint venture agreement before the bidding and ultimately won the bidding and awarded and execute the contract and issued a notice to proceed . The losing bidder filed a MR after the opening of the bidding for the reason that the BAC disqualified for lack of documentary requirement and her MR was denied for lack of merits and instead of filing a protest and paid the required protest fee she filed another MR complaining that the JVA of winning bidding was not registered at the SEC and requesting the BAC to nullify the awarding of contract. The winning bidder asked the SEC to register the JVA even just received the JVA at the main office of SEC. The desk officer of SEC informed the winning bidder verbally that the SEC did not required to submit the copy of JVA since it is an internal arrangement between the two bidder and the SEC only required the GIS, AFS and Annual report. Since, the SEC was reorganized the SEC main mandate is administrative in nature which include monitoring and the quasi-judicial function was already transferred to RTC or other government agencies.

Thank you

redxet

No, it is not required.
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