Bid bonds. A. Except in cases of emergency, all bids or proposals for construction contracts in excess of $1 million shall be accompanied by a bid bond from a surety company selected by the bidder that is authorized to do business in Virginia, as a guarantee that if the contract is awarded to the bidder, he will enter into the contract for the work mentioned in the bid. The amount of the bid bond shall not exceed five percent of the amount bid.
Bid bonds. All Bidders must submit a 5% Bid Bond, or Certified, Treasurer's or Cashier’s Check with Bid Submission. Do NOT submit personal or company checks as a 5% Bid Deposit. Bid Bonds may be made out to the University of Massachusetts Medical School or the Commonwealth of Massachusetts. Either one is acceptable.
Bid bonds. A. Except in cases of emergency, all bids or proposals for construction contracts in excess of $1 million shall be accompanied by a bid bond from a surety company selected by the bidder that is authorized to do business in Virginia, as a guarantee that if the contract is awarded to the bidder, he will enter into the contract for the work mentioned in the bid. The amount of the bid bond shall not exceed five percent of the amount bid.
B. No forfeiture under a bid bond shall exceed the lesser of (i) the difference between the bid for which the bond was written and the next low bid or (ii) the face amount of the bid bond.
C. Nothing in this section shall preclude the Institution from requiring bid bonds to accompany bids or proposals for construction contracts anticipated to be less than $1 million.
Bid bonds. A bid bond, cashier’s or certified check, or letter of credit made out to the Board of Miami County Commissioners in the sum of 10% of the total base bid for Bid covering the first year of the Agreement (based on the highest option bid) must be enclosed with the bid from each Bidder. The total is determined by the average cost per ton, over the first year period, multiplied by 90,000 tons per year.
Bid bonds. Each bidder shall supply with their bid proposal a bid bond in the amount of 10% of the proposed contract amount. Bid Bonds by salesmen or agents of the manufacturer are not acceptable. Bids must remain firm for a period of 60 days. All required insurance coverage shall be underwritten by insurers legally allowed to conduct business in all states of the U.S. and shall have a policy holders rating of “A” or better in the latest evaluation by A. M. Best Co. Proposals received from bidders who do not build the chassis shall provide a warranty that is issued jointly and severally by, and signed by, both the bidder and manufacturer of the chassis. Bidders who build their own chassis shall provide a warranty issued in their name only. If the successful bidder does not manufacturer the chassis, the bidder shall supply a separate warranty bond which guarantees all terms and conditions of the warranty and names, as co-principals, both the bidder and the chassis manufacturer. This warranty bond shall be issued for the contract amount and shall remain in force for a term which is consistent with the term of the warranty quoted in the bid. No exception to these requirements shall be allowed if the bid is to be considered compliant.
Bid bonds. Within 15 business days after the Execution of any Bid Bonds under a bonding line, the Surety must submit a ‘‘Surety Bond Guarantee Under- writing Review’’ (SBA Form 994B) to SBA for approval. If the Surety fails to submit the form within this time pe- riod, SBA’s guarantee of the bond will be void from its inception unless SBA determines otherwise upon a showing that a valid reason exists why the timely submission was not made.
