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In May 2001, the Public Construction Commis-sion (PCC) announced draft amendments to the Rules Governing Bid Bond, Performance Bond and Other Bonds. The proposed amendments include the following:
The amount of a bid bond should in principle not exceed 5% of the budgeted amount or the estimated total procurement, or 5% of the total tender, and should in no case exceed NT$50 million.
For the calculation of performance bonds, the contract amount may be divided into two or more bands, and lower percentage rates may be set for higher-value bands.
A new rule stipulates the method for calcu-lating differential bonds in cases where ten-ders are unreasonably low.
Where an agency entrusts property to a con-tractor for repair, it may require the contractor to deposit a bond.
