ANSWER:
ADB does not have a hard and fast rule for "substantially exceed the cost estimate." The estimate must first be verified and, if necessary, updated and supplemented with additional investigations, before it can be accepted as evidence that bid prices were unreasonably high. If this has been done, as a general approach, more than 15% higher than the estimate may be considered as substantially exceed the cost estimate. However, prior consultation with ADB is required.
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