A firm protested the rejection of its bid under an invitation for bids issued by the Corps of Engineers. The bid was rejected because it did not include a bid bond with its bid. Instead, the protester attached to its bid bond form a pledge and assignment of collateral of all amounts which were due and payable or held as retainage under three ongoing Government contracts. The protester contended th...

ETC. - ACCEPTABILITY - FIRM COMMITMENT AT BID OPENING REQUIREMENT AN ASSIGNMENT OF FUNDS HELD BY THE GOVERNMENT AS RETAINAGES OR ALLEGEDLY DUE THE BIDDER UNDER OTHER GOVERNMENT CONTRACTS IN LIEU OF A BID BOND LACKS THE REQUISITE OBLIGATION AS OF THE DATE OF BID OPENING BECAUSE THE AMOUNTS ACTUALLY PAYABLE FROM THE FUNDS HELD ARE CONTINGENT UPON A NUMBER OF FACTORS EXTRANEOUS TO THE BID. CENTRAL'S...