Common use of ACCEPTANCE OF PROPOSAL Clause in Contracts

ACCEPTANCE OF PROPOSAL. Each bid proposal constitutes a binding offer by the Bidder to perform the contract at the bid price. All bids shall be based upon the RFQ without change. Any bid based upon a proposed modification of these terms may be rejected. A bid proposal may not be withdrawn within a period of 120 days after the bid opening date. The acceptance of the bid proposal will be solely by the issuance of a written Purchase Order (the "PO") or Blanket Order Agreement (the "BOA") signed by an authorized officer of the Authority. POs and BOAs are also referred to herein more generally as "contracts." The Authority reserves the right to reject bid proposals in whole or in part, or to make the award by item, or class of items as indicated in the RFQ. Individual items may be grouped and award made by class total, which may be split at the discretion of the Authority without the Bidder's consent if it is in the best interest of the Authority. If a Bidder omits to bid on items of a class, the value of which omission does not exceed 5% of the total value of the class, or where any items are otherwise unacceptable in a similar proportion, the bid may be considered provided it is the low bid of the class total on the remaining items.