Bid Guaranty definition
Examples of Bid Guaranty in a sentence
Failure to file the acceptable Bonds or Insurance Certificates within the prescribed time shall be just cause for the forfeiture of the Bid Guaranty and may constitute a material breach of this Contract.
Most of the contractor, surety, and surety agent information will be included on the Bid Form and Bid Guaranty documents.
Surety A Person providing a Bid Guaranty or a Bond to a Bidder or a Contractor, as applicable, to indemnify the State against all direct and consequential damages suffered by failure of the Bidder to execute the Contract, or of the Contractor to perform the Contract and to pay all lawful claims of Subcontractors, Material Suppliers and laborers, as applicable.
Failure of the bidder to whom the Contract is awarded to execute the Agreement and file acceptable bonds shall be just cause for the forfeiture of the Bid Guaranty and may constitute a material breach of this Contract.
The Bid Guaranty shall be in the form of a bond in the sum of 10 percent (10%) of the amount of the bid, or a certified check, cashier's check, or letter of credit payable to the Owner in the sum of ten percent (10%) of the total amount of the bid.
The successful Bidder’s Bid Guaranty will be returned as soon as the Airport Authority receives the contract bonds as specified in the subsection titled REQUIREMENTS OF CONTRACT BONDS AND INSURANCE of this section.
In order to be acceptable to the County, a Surety Company issuing Evidence of Bond ability, Bid Guaranty Bonds or 100% Public Payment and Performance Bonds or Letters of Credit called for herein shall meet and comply with the minimum standards set forth in as part of the Contract Documents.
The Notice of Preliminary Award letter, if it is mailed within 30 Days of the Bid Opening, shall bind the Lowest Responsible Bidder to Accept the Contract or to reject the Contract and forfeit the Bid Guaranty it has provided.
A Bid Guaranty is given as security that, if the Bid is accepted, the Bidder will enter into a contract in conformance with the Bid Documents.
The requirement of the Bid Guaranty is to ensure that the Bidder will promptly execute the Contract in accordance with the Advertisement and in the manner and form required by the Contract Documents and that the Bidder will furnish good and sufficient Contract Bonds and required insurance.