NATIONAL FOOD AUTHORITY CARAGA REGION Butuan ... - NFA

20. Winning bidders shall be determined in two steps:(a)(b)Winning bidders shall be determined according to category of buyers. Determination of winningbidders shall be determined separately for the three (3) categories of buyers.Ranking of offers shall be from the HIGHEST PRICE offered down to the LOWEST offer that isacceptable to NFA per category of buyer.21. Upon the issuance of the approved Notice of Award, the buyer shall execute a Deed of Undertaking which shallprovide among others, a statement indicating that the awarded stocks shall be re-milled /reconditioned/reprocessed and re-bagged by the buyer prior to sale to end consumers and the stocks shall notbe sold as NFA rice.22. Payment PeriodThe winning bidder should complete the payment for the whole volume of stocks purchased based on thefollowing schedule reckoned from the receipt of the Notice of Award:Awarded Volume (Bags of 50 kg)Payment Period500 to 5,000 1 banking day5,001 to 20,000 3 banking days20,001 to 50,000 5 banking days50,001 to 70,000 7 banking days70,001 to 100,000 10 banking days23. The computation for payment of stock withdrawn shall be based on actual net weight.24. Any unpaid balance is subject to a penalty of P0.15/bag/day reckoned from the last day of the payment period ifat least 10% of the amount of the awarder volume shall have been paid.25. The Performance Bond of winning buyers can only be applied as the last payment of the awarded stocks. ThePerformance Bond shall be forfeited in case of failure to pay the minimum amount within the payment periodor failure to pay the balance within Ninety (90) days except during fortuitous events as defined by Law or underexceptional circumstances.26. Withdrawal PeriodThe winning bidder shall withdraw the awarded volume based on the following schedule reckoned from thereceipt of the Authority to Issue (AI) issued by the Provincial Office:Awarded Volume (Bags of 50 kg)Wtihdrawal Period500 to 2,000 1 working day2,001 to 5,000 3 working days5,001 to 10,000 5 working days10,001 to 20,000 10 working days20,001 to 30,000 15 working days30,001 to 50,000 30 working days50,001 to 100,000 40 working daysIf the winning bidder failed to withdraw the awarded stocks within the prescribed withdrawal period, paymentof storage fee shall be imposed on the unwithdrawn volume, equivalent to P0.15/bag/day for the first thirty(30) working days and P0.30/bag/day starting from the 31 st to 60 th day. Extension of withdrawal period may beallowed for a maximum of sixty (60) working days only, after which, the performance bond and theunwithdrawn awarded stocks shall be forfeited. Subject stocks shall be included in the stocks for sale insucceeding sale schedules.Page 5 of 6