The Bid Security may be forfeited for any of the following reasons:
a. If a Project Proponent withdraws its Bid after the bid opening date;
b. If any member of the joint venture or consortium withdraws prior to the actual award and/or implementation of the project which could be a ground for the cancellation of the contract and forfeiture of the proponent's Bid Security unless it was found out that the Project Proponent is still capable of successfully carrying out the project or have provided a suitable and acceptable substitute with equal or better qualifications; and
c. If the successful Project Proponent fails to sign the Contract Agreement within 7 days
upon notification by the LGU or if the winning Project Proponent fails to furnish the documents mentioned in this bid documents.