Common use of Release of Proposal Guaranty Clause in Contracts

Release of Proposal Guaranty. The Department will release all proposal guaranties except those of the two lowest bidders immediately following the opening and checking of the proposals. The Department will immediately release the proposal guaranties of the two lowest bidders after the successful bidder delivers the executed contract and a satisfactory bond to the Department, except that the Department will not retain the proposal guaranty of the next-to-lowest bidder longer than 50 days after the opening of the proposals unless the Department awards the contract to the next lowest bidder prior to the expiration of this time limit.

Release of Proposal Guaranty. The Department will release all proposal guaranties except those of the two lowest bidders Bidders with the highest proposal scores immediately following the opening and checking of the proposalsProposals. The Department will immediately release the proposal guaranties Proposal Guaranty of the two lowest bidders Bidders with the highest proposal scores after the successful bidder Bidder delivers the executed contract Contract and a satisfactory bond to the Department, except that the Department will not retain the proposal guaranty of the next-to-lowest bidder Bidder longer than 50 days after the opening of the proposals Proposals unless the Department awards the contract Contract to the next lowest bidder responsible Bidder prior to the expiration of this time limit.