Examples of Commercial Bank in a sentence
Except for bidders submitting a committed Line of Credit from a Universal or Commercial Bank in lieu of its NFCC computation, all Bids must include the NFCC computation pursuant to Section 23.4.1.4 of the 2016 revised IRR of RA No. 9184, which must be sufficient for the total of the ABCs for all the lots or items participated in by the prospective Bidder.
If the Bidder opts to submit the bid security in the form of: (i.1) a bank draft/guarantee or an irrevocable letter of credit issued by a foreign bank, it shall be accompanied by a confirmation from a Universal or Commercial Bank; or (i.2) a surety bond accompanied by a certification coming from the Insurance Commission that the surety or insurance company is authorized to issue such instruments.
The Performance Security shall be denominated in Philippine Pesos and posted in favor of the Procuring Entity in an amount not less than the percentage of the total contract price in accordance with the following schedule:Form of Performance SecurityAmount of Performance Security(Not less than the Percentage of the Total Contract Price)(a) Cash or cashier’s/manager’s check issued by a Universal or Commercial Bank.
The Performance Security shall be denominated in Philippine Pesos and posted in favor of the Procuring Entity in an amount not less than the percentage of the total contract price in accordance with the following schedule:Form of Performance SecurityAmount of Performance Security (Not less than the Percentage of theTotal Contract Price)(a) Cash or cashier’s/manager’s check issued by a Universal or Commercial Bank.
If issued by a foreign bank, it shall be confirmed or authenticated by a Universal or Commercial Bank.