Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after tender closing:
a) a certified cheque equal to or greater than the amount stipulated in Schedule A – Schedule of Special Provisions, or b) a bank draft equal to or greater than the amount stipulated in Schedule A - Schedule of Special Provisions, or
c) a bid format irrevocable standby letter of credit on a government approved form equal to or greater than the amount stipulated in Schedule A - Schedule of Special Provisions, or
d) a bid bond equal to or greater than the amount stipulated in Schedule A - Schedule of Special Provisions. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract value, excluding HST and a labour and material bond equal to 25% of the Contract value, excluding HST. Performance security must be filed with the Department before work on the project commences. This security shall be held and retained by the Minister for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of:
e) a certified cheque in the minimum amount of ten percent (10%) of the Contract value, excluding HST, which shall be retained until the warranty period (one (1) year after substantial completion) has elapsed, or
f) a bank draft in the minimum amount of ten percent (10%) of the Contract value, excluding HST, which shall be retained until the warranty period (one (1) year substantial completion) has elapsed, or
g) a performance format irrevocable standby letter of credit on a government approved form in the minimum amount of ten percent ( 10% ) of the Contract value, excluding HST, which shall be retained until the warranty period (one (1) year after substantial completion) has elapsed. A performance standby letter of credit must have an automatic renewal clause within the body of the agreement, or
h) a performance bond equal to 50% of the Contract value, excluding HST and a labour and materials bond equal to 25% of the Contract value, excluding HST both of which shall be retained until the warranty period (one (1) year after substantial completi...
Bid and Performance Security. The stipulated Bid Security amount shall be thirty thousand dollars ($30,000). Upon award, the successful Contractor shall replace the Bid Security by submitting to PEI Department of Transportation, Infrastructure and Energy (the Department) a Performance Security. The Performance Security shall remain in place until the warranty period expires (one year after substantial completion).
Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfillment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after tender closing: b) a bank draft in the amount stipulated in Schedule A - Schedule of Special Provisions
Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after Tender Closing:
a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST. OR
b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST. OR
c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of:
d) a certified cheque in the amount of ten percent (10% ) of the Contract Value, excluding HST, which shall be retained until Substantial Completion of the Contract. OR
e) a Performance Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent ( 10% ) of the Contract Value, excluding HST, which shall be retained until November 30th in the year of the Contract or until Substantial Completion. OR
f) a performance bond equal to 50% of the Contract Value, excluding HST and a labour and materials bond equal to 25% of the Contract Value, excluding HST which shall be retained until the warranty period of one (1) year has elapsed. The bidder will forfeit security to the Minister if the bidder fails to enter into or carry out the contract when called upon to do so. It is understood and agreed that the Contractor assumes risk and must bear any loss in respect to the performance security as aforesaid, occasioned by the failure or insolvency of the banks on which any cheque was drawn or in which any deposit was made in connection with the security aforesaid. If at any time hereafter the said Contractor should make default under the said Contract, or if the Minister acting under the powers reserved in the said Contract shall determine that the said works, or any ...
Bid and Performance Security. If bid security is required, a bid bond or cashier’s check in the amount indicated on the bid cover must accompany the bid and be made payable to The City of Fairhope of Xxxxxxx County, Al. Corporate or certified checks are not acceptable. Bonds must be in a form satisfactory to the City and underwritten by a company licensed to issue bonds in the State of Alabama. If bid security fails to accompany the bid, it shall be deemed unresponsive, unless the Purchasing Manager deems the failure to be non-substantial. All checks will be returned to the bidders after the contract has been approved. If a performance bond is required, the successful bidder will be notified after the awarding of the contract.
Bid and Performance Security. The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 60 days after Tender Closing:
a) a certified cheque in the amount of ten percent (10%) of the Tender Value, excluding HST.
b) a Bid Format irrevocable standby letter of credit on a Government approved form in the amount of ten percent (10%) of the Tender Value, excluding HST.
c) a bid bond in the amount of ten percent (10%) of the Tender Value, excluding HST. The bond shall be from a surety company authorized to carry on business in Canada guaranteeing to supply a performance bond equal to 50% of the Contract Value, excluding HST and a labour and material bond equal to 25% of the Contract Value, excluding HST. Performance Security which shall be held and retained by the Minister as security for the due and faithful performance, observance and fulfilment by the Contractor of all the covenants, provisos, agreements, conditions and reservations in this Contract contained on the part of the Contractors to be observed, performed and complied with shall be in the form of:
