B-231855: Nov 4, 1988

A firm protested the Navy's rejection of its bid for grounds maintenance, contending that the Navy erroneously determined that its bid bond sureties' net worth was inadequate. GAO held that the Navy improperly rejected the protester's bid, since the: (1) appraised fair market value of the sureties' properties was substantially higher than the tax appraised value that the Navy used; and (2) suretie...

B-231855: Nov 4, 1988

PROCUREMENT - Sealed Bidding - Bid guarantees - Responsiveness - Sureties - Adequacy DIGEST: Agency rejection of bid because tax appraised value of real estate listed by sureties was not adequate to support required bid guarantee is improper where agency's subsequent appraisal of one property shows that fair market value of property is substantially higher than the tax appraised value and record i...