The bond submitted by terminated road contractor, N&S General Engineering Contracting Services, to the National Procurement and Tender Administration Board (NPTAB) will be tapped to repay the Ministry of Public Works, Board Chairman Tarachand Balgobin has disclosed.
“As part of the bidding document, bidders have to submit a security bond. If they default, then you hold that security. So there is no loss in this case. We held it and the ministry will recover their money,” Balgobin said in response to the Sunday Stabroek on the issue.
N&S General Engineering Contracting Services won a contract to construct one kilometre of road into El Dorado – a continuation of the Moleson Creek to El Dorado road project which is vital for the construction of the planned Corentyne Bridge.