A firm protested the rejection of its bid as nonresponsive for failing to provide an adequate bid guarantee as required by the invitation for bids (IFB). Accompanying the protester's bid was a letter from a local bank which offered to extend a letter of credit on behalf of the protester subject to its normal credit procedures. The agency rejected the protester's bid on the basis that its bid guara...

STATING THAT THE BANK WOULD EXTEND A LETTER OF CREDIT ON BEHALF OF THE BIDDER "SUBJECT TO OUR NORMAL CREDIT PROCEDURES" WAS NOT AN IRREVOCABLE LETTER OF CREDIT AND WAS NOT AN ADEQUATE BID GUARANTEE. WE FIND THAT THE BID WAS PROPERLY REJECTED AND SUMMARILY DENY THE PROTEST WITHOUT BENEFIT OF AN AGENCY REPORT. WHICH WAS FOR ELEVATOR MAINTENANCE SERVICE. CERTAIN BONDS OR NOTES OF THE UNITED STATES. *...