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2) Detailed estimates including a summary sheet indicating the unit of construction
materials, labor rates and equipment rentals used in coming ip with the bid; and
3) Cash flow by the quarter and payments schedule.

Modification and Withdrawal of Bids

A bidder may modify its bid, provided that this is done before the deadline for the submission
and receipt of bids. Where a bidder modify its bid, it shall not be allowed to retrieve its
original bid, but shall only be allowed to send another bid equally sealed, properly identified,
marked as a “modification”. Bid modifications received after deadline shall not be considered
and shall be returned to the bidder unopened.

A bidder may, through a letter, withdraw its bid before the deadline for the receipt of bids.
Withdrawal of bids after the applicable deadline shall be subject to appropriate sanctions. A
bidder may also express its intention not to participate in the bidding through a letter which
should reach and be stamped received by the BAC before the deadline for the receipt of
bids. A bidder that withdraws its bids shall not be permitted to submit another bid, directly or
indirectly, for the same contract.

Bid Security

The Bid security shall be in an amount at least equal to, and not lower than, a percentage of
the approved budget for the contract to be bid, as advertised by the concerned procuring
entity, in a form of:

Minimum Amount in % of Approved Budget
Form of Security for the Contract to be Bid
Cash, certified check cashier’s check, One percent
manager’s check, back draft or irrevocable (1%)
letter of credit.
Bank guarantee One and a half percent
(1 ½ %)
Surely bond Two and a half percent
(2 ½ %)
Foreign government guarantee One hundred percent
(100%)

Bid Opening

The BAC shall open the bids at the time, date and place specified in the invitation to Apply
for Eligibility and to Bid and the bidding documents. The bidders or their duly authorized
representatives may attend the opening of bids. All members of the BAC or their duly
authorized representatives who are present during bid opening shall initial every page of the
original copies of all bids received and opened. The minutes of the bid opening shall be
made available to the public upon written request and payment of a specified fee.

VI. Bid Evaluation

The purpose of bid evaluation is to determine the Lowest Calculated Bid. This bid shall be
subject to post qualification to determine its responsiveness to the eligibility and bid
requirements. If after post-qualification the Lowest Calculated Responsive Bid is determined