Amendment to the Tenders and Bids Law
In response to price increases resulted from free floating the Egyptian currency last November, the Minister of Finance issued Decree No. 426 of 2016 to amend the Executive Regulation of the Tenders and Bids Law.
The amendment allows the government to consider price adjustments for variable items included in an offer submitted in a public bid or a direct placement after three months (instead of nine month) from accepting the technical offer of the bidder. This amendment applies on bids for long term construction or supply contracts (more than 6 month).
Variable items in each contract shall be determined by the administrative entity in every relevant tender (examples of variable items include manpower, raw materials and their components).