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Bid Security – Fixed Sum or Percentage of a Bid Price

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BID SECURITIES AS FIXED AMOUNT VS AS A PERCENTAGE OF THE BID

Post  freddy.mbeyella on Thu Jun 23, 2011 9:07 pm

I do agree with suthman's point of view. Bid security in fixed amount has numerous benefits. Just to mention a few: it makes life easier for PEs and bidders - no need for computation; it solves the problem of unscrupulous bidders who collude with financial institutions issuing bid security to fix price, does not tie substantial amount of money; rate of non-responsive bidders due submission of insufficient security is minimized etc

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Bid securities as fixed amount Vs As a percentage of the bid

Post  suthman on Wed May 25, 2011 12:51 am

In my opinion from the bidders point of view and convenience, it is better that the bid securities are expressed as a fixed amount than a percentage of the bidder's bid price.

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Bid Security – Fixed Sum or Percentage of a Bid Price

Post  RJM on Tue May 10, 2011 3:03 pm

There are arguments going on that to instruct bidders to submit bid securities as a Fixed Sum is more convenient to procuring entities than a Percentage of their Bid Prices.

What is your take on this?

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