Common use of Bid Deposit Clause in Contracts

Bid Deposit. A deposit of at least 5-percent of the total Bid shall accompany each Bid. This deposit may be by cash, certified check, cashier’s check, or a proposal bond (Surety bond). Any proposal bond shall be on a form acceptable to the Contracting Agency and shall be signed by the Bidder and the Surety. A proposal bond shall not be conditioned in any way to modify the minimum 5-percent required. The Surety shall: (1) be registered with the Washington State Insurance Commissioner, and (2) appear on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner. The failure to furnish a Bid deposit of a minimum of 5-percent shall make the Bid nonresponsive and shall cause the Bid to be rejected by the Contracting Agency.

Bid Deposit. A deposit of at least 5-5 percent of the total Bid bid shall accompany each Bidbid. This deposit may be by cash, certified check, cashier’s check, or a proposal bond (Surety surety bond). Any proposal bond shall be on a form acceptable to the Contracting Agency and shall be signed by the Bidder bidder and the Suretysurety. A proposal bond shall not be conditioned in any way to modify the minimum 5-5 percent required. The Surety surety shall: (1) be registered with the Washington State Insurance Commissioner, and (2) appear on the current Authorized Insurance List in the State of Washington published by the Office of the Insurance Commissioner. The failure to furnish a Bid bid deposit of a minimum of 5-5 percent shall make the Bid bid nonresponsive and shall cause the Bid bid to be rejected by the Contracting Agency.