Section 66. Notice and Execution of Award. - Within a period not exceeding ten (10) calendar days from the determination and declaration by the BAC of the LCRB, HRRB, or MEARB as the case may be, and the recommendation of the award, the HoPE or the duly authorized representatives shall approve or disapprove the said recommendation. In case of approval, the HoPE or the duly authorized representatives shall approve or disapprove the said recommendation. In case of approval, the HoPE or the duly authorized representative shall immediately issue the Notice of Award to the bidder with the LCRB, HRRB or MEARB.

The winning bidder shall formally enter into contract with the Procuring Entity within ten (10) calendar days from the receipt of the notice of award. When further approval of higher authority is required, that approving authority for the contract shall be given a maximum period of fifteen (15) calendar days from receipt of the contract to approve or disapprove it.

In the case of GOCCs, the concerned board shall take action on the said recommendation within twenty (20) calendar days from receipt thereof. The prescribed periods for execution and/or approval of contracts may be extended for reasons beyond the control of the Procuring Entity or the approving authority, or for other justifiable causes.

In the event that the approving authority shall disapprove the contract, such disapproval shall be based only on valid, reasonable, and justifiable grounds to be expressed in writing. A copy of the decision to disapprove the contract shall likewise be furnished to the BAC.

The Procuring Entity shall issue the Notice to Proceed to the winning bidder not later than three (3) calendar days from the date of approval of the contract by the appropriate authority. All notices called for the terms of the contract shall be effective only at the time of receipt thereof by the contractor.