[Protest of Army Contract Award for Ship Removal and Disposal]

B-253991.2: Jan 24, 1994

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A firm protested the Army Corps of Engineers' rejection of its low bid and subsequent contract award for ship removal and disposal, contending that the Corps unreasonably determined that the value of its assets was insufficient to cover its bid bond. GAO held that the Corps: (1) reasonably rejected the protester's bid, since the protester's required bid bond offered insufficient security; and (2) properly relied on the tax assessment value of the surety's real estate holding, since the appraisal the protester submitted with its bid bond was not current. Accordingly, the protest was denied.

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