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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Bid depository rules.

Rule . Immediately upon receipt of any bid for a specified project it shall be deposited in a bid depository box in which sealed bids can be deposited but not removed when locked. The bid depository box for each project shall be locked upon deposit of the first bid and shall be kept locked until the time for depositing bids upon that project as specified in Rule _________ has expired.
Rule . Any bid deposited with the bid depository may be revoked by the person submitting the bid at any time prior to the expiration of the time for depositing bids upon the project involved as specified in Rule _________. Any bid delivered to a general contractor as provided in these rules, shall be deemed an irrevocable offer to the contractor and may not be revoked without the general contractor’s consent for a period of thirty days from the date of delivery to the general contractor unless, prior to general bid opening, the subcontractor or supplier gives notice to all general contractors to whom he or she has bid of a substantial mistake. In the event of bids submitted in combination, any segregated portion of the bid may be withdrawn as provided under Rule _________ without jeopardizing or invalidating other segregated portions of the bid. However, in addition to the segregated portion withdrawn, any combination containing the item withdrawn must likewise be withdrawn.
Rule . All bids submitted through the bid depository shall be actually delivered to the bid custodian by mail, or in person, or otherwise, as follows: four hours prior to the prime opening time when the prime bid opening time is between 1 p.m. and 5 p.m. on a business day. When the prime bid opening time is between 9 a.m. and 12 noon, the depository closing time is 4 p.m. on the previous working day.
Rule . Any subcontractor or supplier desiring to submit a bid to any person or persons through the bid depository shall submit to the bid depository a separate and sealed bid addressed to each general contractor to whom the subcontractor or supplier desires to bid and shall file with the bid custodian in a separate and sealed envelope addressed to the bid depository an identical copy of each bid filed by him or her. Any general contractor who has received or solicited a bid direct from a subcontractor in a particular craft, or supplier in a particular classification upon any project and who desires to use the facilities of the bid depository upon that project for receiving competitive bids in that craft or classification, shall submit the bid to the bid depository in a separate and sealed envelope addressed to the general contractor and shall file with the bid custodian in a separate and sealed envelope addressed to the bid depository an identical copy of each bid filed by him or her.
Rule . The sealed envelopes containing bids addressed to the general contractors shall be made available for delivery to the person or persons to whom addressed as soon as practicable after the expiration of the time for depositing bids upon the project involved as specified in these rules, provided, however, that the general contractor may refuse to accept any envelope containing the bid of a subcontractor with whom he or she does not desire to contract by immediately returning to the bid custodian, unopened, the envelope containing the bid of the subcontractor. If a general contractor elects to receive delivery through the bid depository of one or more bids for a craft or classification, he or she shall be obligated, and agrees, that if he or she is the successful prime bidder and receives an award of the general contract, he or she will award the contract for this particular craft or classification to the lowest bidder whose bid he or she receives through the bid depository. No sealed bid shall be delivered to a general contractor by the bid depository except in accordance with these rules and until the general contractor shall have executed the general contractor’s bid acceptance form provided by the bid depository. The form shall require the general contractor to abide by the rules of the bid depository as to the particular project.