Bidding Process

Bidding Process

BIDDING

BIDDING PROCESS

  • Every participating bidder shall be required to pay a cash bond equivalent to 10% of the minimum bid price or Php10,000.00, whichever is higher.

 

  • All bid offers shall be sealed and should include a copy of the Cash Bond Receipt. The sealed bid shall be put in the Bid Box located at the FGEN Reception Area not later than deadline indicated in the bid announcement.

 

 

  • Bid Offers through emails should include a copy of the Cash Bond Receipt and shall be sent directly to the AVP- Claims and Recovery (lgfajardo@fgic.com.ph) not later than the deadline indicated in the bid announcement.

 

  • No bid offers may be withdrawn after the bid submission deadline. Opening of the bids shall be done by the Bid Committee on the day after the deadline of the submission of bid offers.

  • As soon as a winner has been determined, FGen shall inform the winning bidder who MUST pay the full bid amount within two (2) days from the date of the award. Payment should be in the form of Manager’s check or cash. Storage and towing fees shall be for the account of the winning bidder.

 

  • If no winning bidder has been considered, the unit will be rebidded and the corresponding bid announcement shall be made.

 

  • The winning bidder may take possession of the vehicle upon receipt of the Authority to Pull Out issued by FGEN and should be done within the time frame allowed by the Repair Shop or the Assured. Any damage sustained by vehicles which were not pulled-out within the specified timeline allowed after the award will be at the sole risk of the buyer.

  • All bids are on an “As is where is” basis.

 

  • Management reserves the right to reject any or all bids, to waive technicalities or to accept any bid which, in its judgment, will be in the best interest of the company.