B-183192: Jul 17, 1975

"AS IS. " STIPULATES GOLD OF 999 OR BETTER FINENESS BID FOR ONE THOUSAND FINENESS PROPERLY WAS REGARDED AS NON-RESPONSIVE DESPITE BIDDERS' SUBSEQUENT WAIVER OF PRICE ADJUSTMENT FOR IMPURE GOLD. GSA INDICATED THAT THE REASONS FOR REJECTING THE PROTESTER'S BID WERE TWOFOLD. THE BID OF $42.22 WAS TOO LOW FOR AWARD. AS THE CUTOFF PRICE WAS $153 PER FINE TROY OUNCE. THE PROTESTER'S BID FOR GOLD "ONE TH...

B-183192: Jul 17, 1975

The protester objected to the rejection of his bid to purchase gold on the basis that the bid was too low for award and that the bid was nonresponsive. The Gold Reserve Act of 1934 authorized the sale of gold at rates set by the Secretary of the Treasury and imposed no obligation on the government to honor bids submitted at prices established by law for the issuance of gold certificates. Since the...