B-141872, MARCH 7, 1960, 39 COMP. GEN. 619

B-141872: Mar 7, 1960

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PROVIDED THAT THE TIME LIMIT WITHIN WHICH THE GOVERNMENT HAS TO AVAIL ITSELF OF THE CREDIT IS SUFFICIENT TO ENABLE THE GOVERNMENT TO EXERCISE ITS RIGHTS IN THE EVENT THE BIDDER FAILS TO COMPLY WITH THE CONTRACT OBLIGATIONS. 1960: REFERENCE IS MADE TO YOUR LETTER OF JANUARY 29. WHICH WAS ISSUED ON INVITATION. WERE REQUESTED FOR FURNISHING A HOIST FOR THE 10- BY 20-FOOT FIXED WHEEL GATE FOR THE OUTLET WORKS AT TRINITY DAM. - GUARANTY WILL BE REQUIRED WITH EACH BID IN AN AMOUNT NOT LESS THAN 10 PERCENT OF THE TOTAL PRICE BID. THIS REQUIREMENT FOR BID GUARANTY WILL NOT BE WAIVED. BID BONDS OR OTHER BID SECURITIES WHICH ARE NOT RECEIVED PRIOR TO THE TIME SPECIFIED FOR RECEIPT OF BIDS WILL NOT BE ACCEPTABLE UNLESS THE LATENESS WAS DUE SOLELY TO DELAY IN THE MAILS FOR WHICH THE BIDDER WAS NOT RESPONSIBLE.

B-141872, MARCH 7, 1960, 39 COMP. GEN. 619

CONTRACTS - BID SECURITY - LETTERS OF CREDIT - LATE CREDIT CONFIRMATION MAIL DELAY A CONFIRMATION BY A DOMESTIC BANK OF AN IRREVOCABLE LETTER OF CREDIT ISSUED BY A FOREIGN BIDDER TO A CONTRACTING AGENCY TO COVER A BID SECURITY REQUIRED BY AN INVITATION MAKES THE BANK, UNDER UNIFORM COMMERCIAL PRACTICES, PRIMARILY LIABLE TO THE GOVERNMENT FOR THE AMOUNT OF CREDIT AND THE COMMUNICATION IN WRITING OF SUCH CREDIT ESTABLISHMENT TO THE BID OPENING OFFICE WITHIN THE TIME ALLOWED FOR SUBMISSION OF BIDS DELAYED IN THE MAILS, AFTER THE CONTRACTING OFFICER HAD BEEN NOTIFIED BY TELEPHONE PRIOR TO BID OPENING OF THE CONFIRMATION, REPRESENTS SUBSTANTIAL COMPLIANCE WITH THE BID BOND OR BID SECURITY REQUIREMENTS OF THE INVITATION TO JUSTIFY CONSIDERATION OF THE BID, PROVIDED THAT THE TIME LIMIT WITHIN WHICH THE GOVERNMENT HAS TO AVAIL ITSELF OF THE CREDIT IS SUFFICIENT TO ENABLE THE GOVERNMENT TO EXERCISE ITS RIGHTS IN THE EVENT THE BIDDER FAILS TO COMPLY WITH THE CONTRACT OBLIGATIONS.

TO GRANT BLOODGOOD, BUREAU OF RECLAMATION, MARCH 7, 1960:

REFERENCE IS MADE TO YOUR LETTER OF JANUARY 29, 1960, D-150, REQUESTING A DECISION AS TO WHETHER THE BID SUBMITTED BY VEREINIGTE OSTERREICHISCHE EISEN-1UND STAHLWERKE AKTIENGESELLSCHAFT OF LINZ- DONAU, AUSTRIA, IN RESPONSE TO BUREAU OF RECLAMATION INVITATION NO. DS 5261, DATED NOVEMBER 27, 1959, PROPERLY MAY BE CONSIDERED IN MAKING AN AWARD OF THE CONTRACT FOR THE PROCUREMENT INVOLVED.

UNDER THE INVITATION, WHICH WAS ISSUED ON INVITATION, BID, AND AWARD ( SUPPLY CONTRACT), STANDARD FORM 33 ( OCT. 1957 EDITION), BIDS, TO BE OPENED AT 2:00 P.M. MST ON JANUARY 5, 1960, WERE REQUESTED FOR FURNISHING A HOIST FOR THE 10- BY 20-FOOT FIXED WHEEL GATE FOR THE OUTLET WORKS AT TRINITY DAM, CENTRAL VALLEY PROJECT. PARAGRAPH A-1 OF THE SPECIAL CONDITIONS INCORPORATED IN THE INVITATION PROVIDES:

A-1. BONDS. (A) BID SECURITY.--- GUARANTY WILL BE REQUIRED WITH EACH BID IN AN AMOUNT NOT LESS THAN 10 PERCENT OF THE TOTAL PRICE BID. THIS REQUIREMENT FOR BID GUARANTY WILL NOT BE WAIVED. BID BONDS OR OTHER BID SECURITIES WHICH ARE NOT RECEIVED PRIOR TO THE TIME SPECIFIED FOR RECEIPT OF BIDS WILL NOT BE ACCEPTABLE UNLESS THE LATENESS WAS DUE SOLELY TO DELAY IN THE MAILS FOR WHICH THE BIDDER WAS NOT RESPONSIBLE.

THE BIDDER, AT HIS OPTION, MAY FURNISH A GUARANTY BOND ON STANDARD FORM 24 OR CERTIFIED CHECK DRAWN ON A UNITED STATES BANK, OR MAY DEPOSIT, IN ACCORDANCE WITH TREASURY DEPARTMENT REGULATIONS, NEGOTIABLE BONDS OR NOTES OF THE UNITED STATES (AT PAR VALUE) AS SECURITY IN THE AMOUNT REQUIRED. IF SECURITY IS IN THE FORM OF A CERTIFIED CHECK OR BONDS OR NOTES OF THE UNITED STATES, THE GOVERNMENT MAY MAKE SUCH DISPOSITION OF THE SAME AS WILL ACCOMPLISH THE PURPOSE FOR WHICH SUBMITTED. CERTIFIED CHECKS MUST BE MADE PAYABLE TO THE TREASURY OF THE UNITED STATES. CERTIFIED CHECKS MAY BE HELD UNCOLLECTED AT THE BIDDER'S RISK. CERTIFIED CHECKS, OR THE AMOUNT THEREOF, AND BONDS OR NOTES OF THE UNITED STATES DEPOSITED BY UNSUCCESSFUL BIDDERS WILL BE RETURNED AS SOON AS PRACTICABLE AFTER THE BID OPENING.

(B) PERFORMANCE GUARANTY.--- THE CONTRACTOR WILL BE REQUIRED TO FURNISH PERFORMANCE GUARANTY IN AN AMOUNT NOT LESS THAN 50 PERCENT OF THE ESTIMATED AGGREGATE PAYMENTS TO BE MADE UNDER THE CONTRACT. THE CONTRACTOR, AT HIS OPTION, MAY FURNISH A PERFORMANCE BOND WITH APPROVED SURETY OR SURETIES, OR A CERTIFIED CHECK DRAWN ON A UNITED STATES BANK, OR MAY DEPOSIT, IN ACCORDANCE WITH TREASURY DEPARTMENT REGULATIONS, NEGOTIABLE BONDS OR NOTES OF THE UNITED STATES (AT PAR VALUE) AS GUARANTY IN THE AMOUNT REQUIRED. IF GUARANTY IS IN THE FORM OF A CERTIFIED CHECK OR BONDS OR NOTES OF THE UNITED STATES, THE GOVERNMENT MAY MAKE SUCH DISPOSITION OF THE SAME AS WILL ACCOMPLISH THE PURPOSE FOR WHICH SUBMITTED. CERTIFIED CHECKS MUST BE MADE PAYABLE TO THE TREASURER OF THE UNITED STATES. CERTIFIED CHECKS MAY BE HELD UNCOLLECTED AT THE CONTRACTOR'S RISK.

(C) GENERAL.--- THE BOND OF ANY SURETY COMPANY AUTHORIZED BY THE SECRETARY OF THE TREASURY TO DO BUSINESS, OR OF TWO RESPONSIBLE INDIVIDUAL SURETIES, WILL BE ACCEPTED AS SECURITY FOR ANY BID OR CONTRACT. SEE THE INSTRUCTIONS AT THE END OF THE APPLICABLE STANDARD FORM BOND WITH RESPECT TO THE QUALIFICATIONS AND SUFFICIENCY OF SURETIES AND THE MANNER IN WHICH BONDS SHOULD BE EXECUTED.

WITH REFERENCE TO PARAGRAPH A-1 (B) ABOVE, THE INVITATION STATES:

IF AWARD IS MADE, CONTRACTOR SHALL FURNISH PERFORMANCE GUARANTY REQUIRED BY PARAGRAPH A-1 (B) WITHIN 10 DAYS AFTER STANDARD FORM 25 ( PERFORMANCE BOARD) IS PRESENTED FOR SIGNATURE.

THE RECORD SHOWS THAT THE LOWEST BID RECEIVED IN RESPONSE TO THE INVITATION, GIVING CONSIDERATION TO THE DIFFERENTIAL ON PRODUCTS FROM FOREIGN SOURCES AND GOVERNMENT FREIGHT COSTS, WAS THAT SUBMITTED BY VEREINIGTE OSTERREICHISCHE EISEN-1UND STAHLWERKE AKTIENGESELLSCHAFT (HEREINAFTER REFERRED TO AS VOEST) IN THE AMOUNT OF $72,747.80. THE NEXT LOWEST BID, IN THE AMOUNT OF $86,441, WAS SUBMITTED BY GUY F. ATKINSON OF PORTLAND, OREGON. THE OTHER BIDS RANGED FROM $89,780 TO $133,275.

YOUR DOUBT CONCERNING THE PROPRIETY OF ACCEPTING THE VOEST BID ARISES FROM THE QUESTION WHETHER AN ACCEPTABLE BID BOND, OR BID GUARANTY, MAY BE SAID TO HAVE BEEN FURNISHED IN CONNECTION THEREWITH WITHIN THE TIME REQUIRED IN VIEW OF THE HOLDING IN 38 COMP. GEN. 532, THAT UNDER INVITATIONS FOR BIDS WHICH REQUIRE BIDDERS TO SUBMIT BONDS PRIOR TO BID OPENING, THE BID BOND REQUIREMENT IS A MATERIAL PART OF THE INVITATION WHICH CANNOT BE WAIVED BY CONTRACTING OFFICERS AND THAT NON-COMPLIANCE WITH THE BID BOND PROVISION REQUIRES REJECTION OF THE BID AS NONRESPONSIVE.

IT APPEARS THAT AT APPROXIMATELY 10:30 A.M. ON JANUARY 4, 1960, YOUR OFFICE RECEIVED TELEPHONIC ADVICE FROM THE DENVER UNITED STATES NATIONAL BANK THAT THE BANK HAD RECEIVED A TELEGRAM FROM THE CHASE MANHATTAN BANK OF NEW YORK ADVISING THAT THE LATTER CONFIRMED AN IRREVOCABLE CREDIT IN THE SUM OF $7,000 ISSUED BY THE CREDITANSTALT- BANKEVEREIN OF VIENNA, AUSTRIA, IN FAVOR OF THE BUREAU FOR THE ACCOUNT OF VOEST AS GUARANTY OF ITS BID OBLIGATIONS UNDER THE INVOLVED INVITATION. AT THE TIME BIDS WERE OPENED AS SCHEDULED, THE BUREAU HAD RECEIVED NOTHING IN WRITING GUARANTEEING THE OBLIGATIONS IN VOEST'S BID, BUT ON JANUARY 6, 1960, YOUR OFFICE RECEIVED BY MAIL, IN AN ENVELOPE IDENTIFYING THE SENDER AS THE DENVER UNITED STATES NATIONAL BANK AND BEARING A METERED STAMP DATED JANUARY 4, 1960, A PHOTOSTAT OF THE FOLLOWING TELEGRAM INDICATED TO HAVE BEEN SENT BY THE CHASE MANHATTAN BANK TO THE DENVER UNITED STATES NATIONAL BANK ON DECEMBER 31, 1959:

75464 WE ADVISE CREDITANSTALT BANKEVEREIN VEXX VIENNA SUTRIA ISSUED THEIR IRREVOCABLE CREDIT FAVOR DEPARTMENT INTERIOR BUREAU RECLAMATION DENVER FEDERAL CENTER BUILDING 53 DENVER ACCOUNT VEREINIGTE OESTERREICHISCHE EISENUND STAHLWERKE AG LINZ FOR $7,000.00 AVAILABLE BY BENEFICIARIES DRAFTS ON US AT SIGHT TO BE ACCOMPANIED BY BENEFICIARIES STATEMENT THAT THE BID OFVEREINIGTE OESTERREICHISCHE EISEN-1UND STAHLWERKE AG LINZ UNDER INVITATION DS-5261 FOR LIVERYT OF A HOIST FOR 10-FOOT BY 20-FOOT FIXED WHEEL GATE FOR THE OUTLET WORKED SXXXXXX WORKS AT TRINITY DAM HAS BEEN ACCEPTED AND THEY FAILED TO ENTER INTO A CORRESPONDING CONTRACT THIS CREDIT AUTOMATICALLY INVALIDATED IF BID NOT AWARE XX AWARE XXX AWARDED THIS CREDIT BECOMES XXX EFFECTIVE ONLY BEGINNING JANUARXXXX JANUARY 5 1960 EXPIXX EXPIRES MARCH 5 1960 WE ADD OUR CONFIRMATION OUR REFERENCE E826772 NOTIFY BENEFIT IXXX BENEFICIARY BY TELEPHONE

ON JANUARY 7, 1960, YOUR OFFICE RECEIVED BY MAIL IN A SIMILAR ENVELOPE, BUT BEARING A METERED STAMP DATED JANUARY 6, 1960, A FORMAL NOTICE DATED DECEMBER 31, 1959, FROM THE CHASE MANHATTAN BANK OF NEW YORK TO THE DEPARTMENT OF THE INTERIOR, BUREAU OF RECLAMATION, DENVER FEDERAL CENTER, WHEREIN THE BANK REFERS TO THE ABOVE TELEGRAM OF DECEMBER 31, 1959, TO THE DENVER UNITED STATES NATIONAL BANK, AND ADVISES THAT IT HAS BEEN INSTRUCTED BY CREDITANSTALT-1BANKVEREIN OF VIENNA, AUSTRIA, TO ADVISE THE BUREAU THAT CREDITANSTALT HAD OPENED THEIR IRREVOCABLE CREDIT IN FAVOR OF THE BUREAU FOR THE ACCOUNT OF VOEST IN THE AMOUNT OF $7,000 SUBJECT TO THE CONDITIONS SET FORTH IN THE ABOVE TELEGRAM, AND THE CHASE MANHATTAN BANK CONCLUDES:

* * * WE CONFIRM THE CREDIT AND THEREBY UNDERTAKE THAT ALL DRAFTS DRAWN AND PRESENTED AS ABOVE SPECIFIED WILL BE DULY HONORED BY US.

EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR COMMERCIAL DOCUMENTARY CREDITS FIXED BY THE THIRTEENTH CONGRESS OF THE INTERNATIONAL CHAMBER OF COMMERCE.

TRANSMITTED WITH YOUR LETTER IS A SWORN STATEMENT DATED JANUARY 25, 1960, PREPARED BY STANLEY W. STEPHENSON, ASSISTANT CASHIER OF THE DENVER UNITED STATES NATIONAL BANK, WHEREIN IT IS STATED THAT THE ENVELOPE CONTAINING THE PHOTOSTAT OF THE CHASE MANHATTAN BANK TELEGRAM QUOTED ABOVE WAS PLACE IN THE UNITED STATES MAIL BY HIM ON JANUARY 4, 1960. ALSO TRANSMITTED IS A LETTER DATED JANUARY 25, 1960, DIRECTED TO THE BUREAU BY THE POSTMASTER OF THE DENVER, COLORADO, POST OFFICE, STATING THAT HAD THE ENVELOPE CONTAINING THE PHOTOSTAT OF THE WIRE BEEN POSTED AT 11:59 P.M. ON JANUARY 4, 1960, IT WOULD UNDER NORMAL HANDLING CONDITIONS HAVE ARRIVED AT THE BID OPENING OFFICE BUILDING AT 11:15 A.M. ON JANUARY 5, 1960. ON THE BASIS OF THIS EVIDENCE, IT IS YOUR CONCLUSION, WITH WHICH WE ARE IN AGREEMENT, THAT THE FAILURE OF THE PHOTOSTAT OF THE TELEGRAM TO BE RECEIVED BY THE BID OPENING TIME WAS DUE SOLELY TO DELAY IN THE MAILS FOR WHICH THE BIDDER IS ENTITLED TO BE EXCUSED, PURSUANT TO THE PROVISIONS OF PARAGRAPH 4 OF THE TERMS AND CONDITIONS OF THE INVITATION FOR BIDS. HOWEVER, YOU QUESTION WHETHER THE ADVICE CONTAINED IN THE TELEGRAM, TO THE EFFECT THAT AN IRREVOCABLE CREDIT HAD BEEN ESTABLISHED BY THE CREDITANSTALT-1BANKVEREIN, OR "THE BIDDER'S MERE REPRESENTATION" THAT SUCH CREDIT HAD BEEN ESTABLISHED, AS YOU PUT IT, IS SUFFICIENT TO CONSTITUTE A BID BOND OR BID GUARANTY. IN THIS CONNECTION, YOU REFER TO OUR DECISION DATED DECEMBER 8, 1959, 39 COMP. GEN. 430, WHEREIN IT WAS HELD THAT A BIDDER'S MERE REPRESENTATION THAT A BID BOND HAS BEEN EXECUTED IS NOT TANTAMOUNT TO THE FURNISHING OF THE BOND ITSELF.

BY ITS TELEGRAM OF DECEMBER 31, 1959, THE CHASE MANHATTAN BANK NOT ONLY ADVISED THE DENVER UNITED STATES NATIONAL BANK THAT CREDITANSTALT- BANKEVEREIN HAD ESTABLISHED AN IRREVOCABLE CREDIT FOR THE ACCOUNT OF VOEST IN FAVOR OF THE DEPARTMENT OF INTERIOR, BUREAU OF RECLAMATION, IN AN AMOUNT SUFFICIENT TO COVER THE BID GUARANTY, BUT CHASE ALSO ADVISED THAT IT CONFIRMED THE CREDIT. FURTHERMORE, THE DENVER UNITED STATES NATIONAL BANK WAS INSTRUCTED IN THE TELEGRAM TO NOTIFY THE BENEFICIARY OF THE CREDIT BY TELEPHONE. AS INDICATED IN THE FORMAL NOTICE FROM THE CHASE MANHATTAN BANK TO THE DEPARTMENT OF INTERIOR, BUREAU OF RECLAMATION, ENTITLED " CONFIRMED IRREVOCABLE STRAIGHT CREDIT" AND DESIGNATED CREDIT NO. E 826772, ADVISING THAT THE CREDIT HAD BEEN ESTABLISHED, QUOTED IN PART ABOVE, IT IS NECESSARY TO EXAMINE THE UNIFORM CUSTOMS AND PRACTICE FOR COMMERCIAL DOCUMENTARY CREDITS (1951 REVISION) FIXED BY THE XIIITH CONGRESS OF THE INTERNATIONAL CHAMBER OF COMMERCE ( LISBON, JUNE 11-16, 1951) AS CONTAINED IN BROCHURE I.C.C. 151 E.F. 1951 IN ORDER TO ASCERTAIN PRECISELY THE RIGHTS AND OBLIGATIONS OF THE PARTIES ARISING FROM ESTABLISHMENT OF THE CREDIT. DETERMINATIVE OF THE QUESTION ARE THE FOLLOWING PROVISIONS OF ARTICLE 5 OF THE UNIFORM CUSTOMS AND PRACTICE, ETC., AS SET FORTH IN THE BROCHURE:

IRREVOCABLE CREDITS ARE DEFINITE UNDERTAKINGS BY AN ISSUING BANK AND CONSTITUTE THE ENGAGEMENT OF THE BANK TO THE BENEFICIARY OR AS THE CASE MAY BE, TO THE BENEFICIARY AND BONA FIDE HOLDERS OF DRAFTS THEREUNDER THAT THE PROVISIONS FOR PAYMENT, ACCEPTANCE OR NEGOTIATION CONTAINED IN THE CREDIT, WILL BE DULY FULFILLED PROVIDED THAT THE DOCUMENTS OR AS THE CASE MAY BE, THE DOCUMENTS AND THE DRAFTS DRAWN THEREUNDER COMPLY WITH THE TERMS AND CONDITIONS OF THE CREDIT.

WHEN THE ISSUING BANK INSTRUCTS ANOTHER BANK TO CONFIRM ITS IRREVOCABLE CREDIT AND WHEN THE LATTER DOES SO, THE CONFIRMATION IMPLIES A DEFINITE UNDERTAKING OF THE CONFIRMING BANK AS FROM THE DATE ON WHICH IT GIVES CONFIRMATION.

SUCH UNDERTAKINGS CAN NEITHER BE MODIFIED NOR CANCELLED WITHOUT THE AGREEMENT OF ALL CONCERNED.

SINCE UNDER THE ABOVE-QUOTED PROVISIONS OF ARTICLE 5, THE CHASE MANHATTAN BANK, BY CONFIRMING THE IRREVOCABLE LETTER OF CREDIT ISSUED BY CREDITANSTALT-1BANKVEREIN TO COVER THE BID GUARANTY, BECAME PRIMARILY LIABLE TO THE GOVERNMENT FOR THE AMOUNT OF THE CREDIT INVOLVED, AND SINCE CHASE'S ASSUMPTION OF PRIMARY RESPONSIBILITY IN THE MATTER WAS COMMUNICATED IN WRITING TO THE BID OPENING OFFICE OF THE BUREAU WITHIN THE TIME ALLOWED FOR SUBMISSION OF BIDS DELAYED IN THE MAILS, THE CREDIT THUS ESTABLISHED WOULD APPEAR TO REPRESENT SUBSTANTIAL COMPLIANCE WITH THE ABOVE-QUOTED PROVISIONS RELATING TO THE SUBMISSION OF BID BONDS, OR BID SECURITIES; PROVIDED, THAT THE TIME LIMIT WITHIN WHICH THE GOVERNMENT IS REQUIRED TO MAKE ITS DEMANDS UPON THE CHASE MANHATTAN BANK IN ORDER TO AVAIL ITSELF OF THE CREDIT IS DEEMED SUFFICIENT TO ENABLE THE GOVERNMENT TO EXERCISE ITS RIGHTS IN THE MATTER IN THE EVENT VOEST FAILS TO COMPLY WITH ITS BID OBLIGATIONS. IN THIS CONNECTION, IT WILL BE NOTED THAT THE ABOVE QUOTED TELEGRAM ADVISED THAT THE CREDIT ESTABLISHED WOULD EXPIRE MARCH 5, 1960, WHICH ALSO WAS THE DEADLINE STIPULATED FOR THE ACCEPTANCE OF VOEST'S BID AS ORIGINALLY SUBMITTED. HOWEVER, IT IS UNDERSTOOD THAT BOTH THE TIME WITHIN WHICH THE CREDIT REMAINS AVAILABLE AND THE TIME WITHIN WHICH VOEST'S BID IS REQUIRED TO BE ACCEPTED HAVE BEEN EXTENDED FOR 30 DAYS. THE TIME FOR ACCEPTANCE OF THE NEXT LOWEST BID, ORIGINALLY FIXED AS FEBRUARY 4, 1960, IS ALSO STATED TO HAVE BEEN EXTENDED IN ORDER TO PRESERVE THE GOVERNMENT'S RIGHTS PENDING THE DETERMINATION OF THE PRESENT QUESTION. SINCE STANDARD FORM 33, WHICH DOES NOT CONTEMPLATE THE EXECUTION OF A FORMAL CONTRACT, WAS USED IN ISSUING THE PRESENT INVITATION, IT IS ASSUMED THAT THE STATEMENT IN THE TELEGRAM TO THE EFFECT THAT THE CREDIT IS CONDITIONED UPON VOEST'S ENTERING INTO A CONTRACT REFERS TO ITS BID OBLIGATION TO ENTER INTO A PERFORMANCE BOND. AS NOTED ABOVE, THE BIDDER IS ALLOWED 10 DAYS AFTER THE PERFORMANCE BOND IS PRESENTED TO IT FOR SIGNATURE WITHIN WHICH TO FURNISH THE SAME, AND SUCH PERIOD OF TIME WOULD HAVE TO BE TAKEN INTO CONSIDERATION IN DETERMINING WHETHER THE GOVERNMENT WOULD BE IN A POSITION TO MAKE THE SHOWING NECESSARY TO AVAIL ITSELF OF THE CREDIT WITHIN THE PERIOD OF TIME REQUIRED. ACCORDINGLY, THE PAPERS TRANSMITTED WITH YOUR LETTER ARE RETURNED HEREWITH, AND YOU ARE ADVISED THAT THE VOEST BID APPEARS PROPER FOR CONSIDERATION SUBJECT TO THE CONDITION MENTIONED.