Coal Can't Be Used As Bid Bond Asset: Fed. Circ.

Law360, New York (August 27, 2009, 2:01 PM EDT) -- The Federal Highway Administration correctly rejected a construction bid by Tip Top Construction Inc. after the company offered a quantity of coal as a bid bond asset, an appeals court has ruled.

In an opinion filed Wednesday, the U.S. Court of Appeals for the Federal Circuit upheld the U.S. Court of Federal Claims' ruling dismissing Tip Top's bid protest action, ruling that the pledged coal was a speculative asset and thus did not comply with the Federal Acquisition Regulation's requirements.

The court agreed with the FHWA's...
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