NPM No. 135-2015
Requesting Entity: Science City of MuÑoz
Issues Concern: Bidder's Bond
Whether a "Bidder's Bond", which is callable on demand with the specified amount equal to five percent (5%) of the budget cost, is an acceptable form of bid security.
[A] bidder may submit a bidder's bond that is a surety bond callable upon demand issued by a surety or insurance company duly certified by the Insurance Commission as authorized to issue such security, which shall be in the amount equal to five percent (5%) of the ABC, if such form of bid security has been identified by the PE as one of the forms allowed in the bidding documents.
[T]he "Bidder's Bond" is an acceptable form of bid security provided that it is in the prescribed form, amount, denomination, and validity in accordance with Section 27 of the IRR of RA 9184, and that it is in the form the PE elected in its bidding documents.