Bid Depository Rules
What are the bid depository rules
There are several bid depository rules. The first rule is that upon receiving the bid for specific projects, it needs to be deposited into the bid depository box and it needs to be sealed so only the bids can be deposited and not removed. The box is locked till the time for deposit has expired.
The second of the bid depository rules is that the bid deposited can be revoked at the time of submitting the bid till the time prior to the expiry of the time for depositing the bids.
The third rule is that any bid which has been deposited with the bid depository is considered irrevocable and cannot be revoked until the consent of the general contact is gained for thirty days from the delivery date to the general contractor. The only exception is when prior to the general bid opening, the supplier or subcontractor gives his notice to all the general contractors.
The bid depository rules state that the bids which are to be submitted by bid depository need to be submitted by mail or in person or else need to be submitted four hours before the opening time incase the opening time is between 1 and 5pm and it needs to be submitted the previous working day by 4pm if the bid opening time is between 9am to noon.
There are other bid depository rules which need to be followed including how many copies are to be submitted, who it is to be addressed to and other finer points.
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