Section 56Sec./Art. 56

Bid Security. - All Bids under modes of procurement to be determined in the IRR shall be accompanied by a Bid security, which shall serve as a guarantee that, after receipt of the Notice of Award, the winning bidder shall enter into contract with the Procuring Entity within the stipulated time and furnish the required performance security. The specific amounts and allowable forms of the Bid security shall be prescribed in the IRR: Provided, That sectors enumerated under Section 96 of this Act may be allowed to post such other forms such as a bid securing declaration.