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Surety Bond as Performance Security at 15% only of TCP

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Surety Bond as Performance Security at 15% only of TCP

Post by peegee15 on Fri Jul 12, 2013 12:14 pm

What will happen if the winning bidder posted a Surety Bond as a Performance Security for only half of the required amount (15%, not 30%) and it was accepted by the PE and the contract was then perfected afterwards?
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Re: Surety Bond as Performance Security at 15% only of TCP

Post by regina avelino on Mon Jul 15, 2013 2:37 pm

first you have to check whether the 15% surety bond was combined with other forms such as cash or cashier's/manager's check or bank draft or irrevocable LC. If there were no combination made then this will be a violation committed by the procuring agency for entering into contract. You should advise your company to rectify this immediately by completing the requirement of section 39.2 of the IRR.

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