Proposal Bond definition

Proposal Bond means a surety bond issued by an insurance company, bank, or other financial institution to ensure that the winning proposer will enter into a contract.
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Proposal Bond means the security furnished with a Proposal to guarantee that the Proposer will enter into the Contract if the Proposer’s Proposal is accepted and satisfies all other conditions of Award.
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Proposal Bond means the bond identified in Section 3.3.2 of Exhibit B.
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Examples of Proposal Bond in a sentence

  • The Proposal Bond must be presented in the form of a check or a bond.

  • In case of failure or refusal on the part of the successful Proposer to deliver the duly executed Contract to the Department within the five (5) business day period herein mentioned, the amount of the Proposal Bond may be forfeited and paid to the Department.

  • The Proposer understands that any material alteration of documents specified in this ITP Section 4.4 or any of the material contained on the Proposal Bond (ITP Appendix E), other than that requested, will render the Proposal non-responsive and non-compliant.

  • If the Proposer, or anyone representing the Proposer, offers or gives any advantage, gratuity, bonus, discount, bribe or loan of any sort to employees of the Department, including agents or anyone representing the Department at any time during this procurement process, the Department shall immediately disqualify the Proposer, the Proposer shall forfeit its Proposal Bond, the Proposer shall not be entitled to any payment of a stipend and the Department may sue the Proposer for damages.

  • A Proposal Bond (ITP Appendix E) must accompany each Proposal that is submitted for the Project.


More Definitions of Proposal Bond

Proposal Bond means the written financial guaranty of a financial guarantor (surety) that the bidder will execute a contract with the BPU upon notification that the bid has been awarded to that contractor.
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Proposal Bond means a bond to secure the obligations of a Proposer under the ITP,
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Proposal Bond means the bond identified in Section 2.6 of Exhibit C-1 to the ITP.
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Proposal Bond means the security that Proposers may submit to Department with their Proposals as further described in ITP Section 4.9.
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Proposal Bond means the bond identified in Section 3.3.2 of Exhibit B to the ITP. “Proposal Revisions” has the meaning set forth in ITP Section 5.8.
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Proposal Bond means a corporate surety bond, or a certified check drawn on a national bank, in the amount specified in the Instruction to Proposers, submitted with the proposal as a guarantee that the proposer will, if called upon to do so, accept and enter in the Contract.
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Proposal Bond means a bond or certified check made payable to Owner in accord with Applicable Law to protect Owner from loss against a former Winning Offeror where such Person has failed to comply with the procurement process.
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