Requesting Entity: Bendimil Construction and Development Corporation
Issues Concern: Financial Eligibility Documents/Forms of Bid Security
In terms of financial eligibility, [Section 23.1] expressly allows the bidder to submit either a computation of its Net Financial Contracting Capacity or a commitment from a universal or commercial Bank to extend a credit line if awarded the contract. Considering that the IRR recognizes either of these documents as acceptable and containing valid sources of information on a bidder's financial standing, it is our considered opinion that procuring entities may not limit or restrict these options.
2. Whether a procuring entity may restrict the acceptable forms of bid security to cash and manager's/cashier's check.
Under the previous set of implementing rules, procuring entities have the option to identify and limit which form of bid security is acceptable to it. Under Section 27.2 of the IRR, however, procuring entities may no longer limit the forms of bid security available to bidders. The bidders should be granted the right to choose any of the forms of bid security enumerated in Section 27.2 of the IRR.