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LOST BID SECURITY

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Re: LOST BID SECURITY

Post  RSM on Fri Jul 15, 2011 1:41 pm

RJM + nkinyanjui

May be I am naive here. Why should the PE refund the whole amount of bid security which was in a form of Bank Guarantee?

May be you need to elighten me on what is Bank Guarantee? When I say someone submitted a Bank Guarantee for USD 200,000/- does this mean that this person submitted USD 200,000 to me?

RSM

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Re: LOST BID SECURITY

Post  nkinyanjui on Wed Jul 13, 2011 2:10 pm

The unsuccessful bidder should be paid back. The thing is once the bid security was submitted, it was in the jurisdiction of PE. The agreement was that unsuccessful bidders are to get their bid securities refunded. The bidder was unsuccesful so he should have his bid security refunded. Anyway, its quite a shame because unfortunately it reflects badly on doing business with the country as a whole.
http://naomikinyanjui.wordpress.com

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LOST BID SECURITY

Post  RJM on Tue Jul 12, 2011 5:31 pm

This has happened!

PE has admitted that the bid security in form of Bank Guarantee amounting to USD 200,000 is missing. In fact the bidder was informed this when he was notified that his bid was unsuccessful and he should come to collect his bid security. The bidder is coming from Canada. PE after searching everywhere without success they informed the bidder that they are going to write a letter to the bank issued the security; first to inform them about the missing security and second to release the said amount. On the other hand the bidder does not agree with PE’s suggestions and he is insisting PE should pay him the same amount otherwise he is going to file the case.

What is your take on this?
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RJM

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