This case has been cited 1 times or more.
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2004-02-05 |
PANGANIBAN, J. |
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| Certainly, the "bid bond is an indispensable requirement for the validation of a bid proposal."[68] This requisite ensures the good faith of bidders and binds them to enter into a contract with the owner, should their proposal be accepted.[69] One who submits a bid not only signifies assent to the terms and conditions of a proposal, but impliedly binds oneself to them, if and when the bid is considered. The Invitation to Bidders even provided that incomplete proposals might be sufficient cause for their rejection.[70] If mere insufficiency of a bond required of a bidder is a ground for rejection, a fortiori, all the more so is the total want thereof. | |||||