Bid Security 2

A Procuring Entity (PE) sought guidance as follows:

I. A Procuring Entity (PE) initiated procurement proceedings for the procurement of computers, where there was a requirement for the submission of a bid security in the form of a Manager’s Cheque.
II. Two companies deviated from this requirement;
III. One company submitted a Tender Bond from an insurance agency, and the other submitted a bid guarantee from a bank in the required amount.
IV. The PE advanced that it was specifically stated in the bid document that a bid security must be submitted in the form of a Manager’s Cheque; and thus required guidance on how to proceed.