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CAN A CONTRACTOR SUBSTITUTE RETENTION MONEY FOR GOODS DELIVERED WITH A SURETY BOND?

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CAN A CONTRACTOR SUBSTITUTE RETENTION MONEY FOR GOODS DELIVERED WITH A SURETY BOND?

Post by essan on Tue Jul 06, 2010 1:37 pm

Good day!
Can the contractor request to substitute surety bond for the release of its retention money for the delivery of GOODS? Is there any provision in the law or IRR regarding this? Substitution of retention money is only clear for Infrastructure. Thank you.
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Re: CAN A CONTRACTOR SUBSTITUTE RETENTION MONEY FOR GOODS DELIVERED WITH A SURETY BOND?

Post by msm326 on Tue Jul 06, 2010 1:39 pm

Please refer to section 62.1 of the Revised IRR 5th edition
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