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I. A. A. T. Timber Ltd. - Permission
for withdrawal of Bid & Bid Bond (TRF US$
610,000.00)
The Timber Rights Evaluation Committee
(TREC) was of the view that one of the bidder's
obligations under the competitive bidding is for
him to forfeit his bid bond if he withdraws during
the period of the bid validity. Consequently,
the company will forfeit its bid security bond
of Ten Million Cedis (¢10,000,000.00) in accordance
with the terms and conditions contained in the
Bidder's Guarantee he signed. The company has been
informed of the forfeiture. Necessary steps are being
taken to retrieve the bid bond.
In view of the above, the expected annual timber
rights fee (TRF) was reduced from US$1,977,845.00 to US$1,367,845.00.
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