Bid Security Form Sample Clauses

Bid Security Form. [To be signed & stamped by the Bidder and reproduced on the letter head To be attached with Financial Bid]
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Bid Security Form. ‌ 1. If the Bidder withdraws its Bid during the period of Bid validity specified by the Bidder on the Bid Form; or 2. If the Bidder, having been notified of the acceptance of its Bid by the Procuring Agency during the period of Bid validity: (a) fails or refuses to execute the Contract Form, if required; or (b) fails or refuses to furnish the Performance Guarantee, in accordance with the Instructions to Bidders; we undertake to pay to the Procuring Agency up to the above amount upon receipt of its first written demand, without the Procuring Agency having to substantiate its demand, provided that in its demand the Procuring Agency will note that the amount claimed by it is due to it, owing to the occurrence of one or both of the two conditions, specifying the occurred condition or conditions. This guarantee will remain in force up to and including thirty (30) days after the period of Bid validity, and any demand in respect thereof should reach the Bank not later than the above date.
Sample 1

Related to Bid Security Form

  • Security Forms SECTION 201.

  • Bid Security 2.1 Bid security, as a guarantee of good faith, in the form of a certified check, cashier's check, or bidder's bond, may be required to be submitted with this bid document, as indicated on the bid. 2.1.1 Bid security, if required, shall be in the amount specified on the bid. The bid security must be scanned and attached to the “Response Attachments” section of your response or it can be faxed to the Purchasing Office at 000-000-0000. The original bid security should then be sent or delivered to the office of the Purchasing Division, 000 X. 0xx Xx., Xxx. 000, Xxxxxxx, XX 00000 to be received within three (3) days of bid closing. 2.1.2 If bid security is not received in the Office of the Purchasing Division as stated above, the vendor may be determined to be non-responsive. 2.2 If alternates are submitted, only one bid security will be required, provided the bid security is based on the amount of the highest gross bid. 2.3 Such bid security will be returned to the unsuccessful Bidders when the award of bid is made. 2.4 Bid security will be returned to the successful Bidder(s) as follows: 2.4.1 For single order bids with specified quantities: upon the delivery of all equipment or merchandise, and upon final acceptance by the Owners. 2.4.2 For all other contracts: upon approval by the Owners of the executed contract and bonds. 2.5 Owners shall have the right to retain the bid security of Bidders to whom an award is being considered until either: 2.5.1 A contract has been executed and bonds have been furnished. 2.5.2 The specified time has elapsed so that the bids may be withdrawn. 2.5.3 All bids have been rejected. 2.6 Bid security will be forfeited to the Owners as full liquidated damages, but not as a penalty, for any of the following reasons, as pertains to this specification document: 2.6.1 If the Bidder fails or refuses to enter into a contract on forms provided by the Owners, and/or if the Bidder fails to provide sufficient bonds or insurance within the time period as established in this specification document.

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