Cases in Which Bid Securities are Returned

11:19, 11/07/2024

Ensuring the bid is an act whereby the bidder or investor undertakes one of the measures such as a deposit, escrow, etc., to ensure the responsibility of the bid. So, in which cases will the bid security be returned to the bidder?

Bid security shall be refunded in the following cases:

- Refunded to the bidder or investor who is not selected within the timeframe specified in the bidding documents, the request for proposals within 20 days from the date the selection result of the bidder or investor is approved.- Refunded to the selected bidder or investor after the bidder has taken measures to ensure the contract's performance.

Bid security will not be refunded to the bidder or investor in the following cases:

- Withdrawal of the bidding documents or proposals after the closing time and during the validity period of the bidding documents or proposals;- Violation of the law on bidding leading to the cancellation of a bid;- Failure to take measures to ensure the contract's performance;- The bidder fails to proceed with or refuses to complete the contract within 20 days from the date of receiving the notice of bid winning from the procuring entity or completes the contract but refuses to sign the contract, except for force majeure cases;- The investor fails to proceed with or refuses to complete the contract within 30 days from the date of receiving the notice of bid winning from the procuring entity or completes the contract but refuses to sign the contract, except for force majeure cases.

More details can be found in Law on Bidding 2013 effective from July 1, 2014.

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