As he underscored that government will keep implementing policies across the board for small businesses’ growth, Minister with responsibility for Finance Dr Ashni Singh says that the bid security for contracts under $7 million has been removed and he lauded the increased participation of small contractors in the public bidding process.
He explained that as government works to ensure that at least 20% of state contracts go to small contractors, the National Procurement and Tender Administration Board (NPTAB) implemented a system where those bidding will now sign a self-declaration form guaranteeing their commitment for contracts $7 million and under, instead of the previously required bid security.
