Bid guarantee definition

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract.

Bid guarantee. ’ means a firm commit- ment such as a bid bond, certified check, or other negotiable instrument, accompanying a bid as assurance that the bidder will, if its bid is accepted, execute the required con- tractual documents within the time speci- fied.

Bid guarantee or “Bid Bond” means a form of security assuring that the bidder will not withdraw a Bid within the bid acceptance period and will execute a contract and furnish required bonds and insurance within the time specified in the bid.

Examples of Bid guarantee in a sentence

• The Bidder is required to submit ‘Earnest Money’ with Bids as guarantee (Bid guarantee) to abide by the terms & conditions of Tender document and comply with the work if offered.

• Furthermore, we understand that, according to the Beneficiary’s conditions, Bids must be supported by a Bid guarantee.

• Bid guarantee shall run for a period of not less than ninety (90) days.

• If the Bidder does not accept the correction of the errors as above, his bid will be rejected and the amount of Bid guarantee will be forfeited.The Bidder should ensure that the prices furnished in various Price Schedules are consistent with each other.

• Where specified in the Advertisement or Invitation to Bid, the Bidder shall furnish a Bid guarantee in the required form of not less than five percent (5%) of the Bid amount.

More Definitions of Bid guarantee

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract. "Bid specifications" means all documents requesting bid proposals for municipal solid waste collection services contained herein.

Bid guarantee means the security established in accordance with the IFMSB to secure inter alia, Project Company's obligations as set forth in this Agreement, during the period between the execution of this Agreement and Financial Close.

Bid guarantee means a form of security assuring that the bidder—

Bid guarantee means a properly executed department form of bid bond, a bank certified check, or a cashier’s check, in an amount equal to 10% of the highest combination base bid(s) and alternate bids submitted. In the event the federal government participates in a state project, the bid guarantee shall be as speci- fied by the federal government, but not less than 10%.

Bid guarantee means a properly executed form of bid bond, a bank certified check, or a cashier’s check, in an amount equal to 10% of the highest combination base bid or bids and alter- nate bids submitted.

Bid guarantee means security provided by a Bidder to the Airport Authority with a Bid to guarantee that the Bidder will enter into a contract with the Airport Authority within the time specified in an RFB, based upon the substantive terms and conditions contained in the form of agreement or other terms and conditions included in, or referenced by, the RFB.

Bid guarantee means the Bid Bond or Cashier’s Check in the amount of