Examples of Proposal Guaranty in a sentence
A sheet for listing the subcontractors is included in the Proposal.The Bidder's Bond form mentioned in the last paragraph in Section 2-1.07, "Proposal Guaranty," of the Standard Specifications will be found following the signature page of the Proposal.In conformance with Public Contract Code Section 7106, a Noncollusion Affidavit is included in the Proposal.
Attorney-in-fact who signs the Proposal Guaranty and/or Performance Bond must file with each bond a certified and effectively dated copy of the Power of Attorney.
A Proposal may be considered irregular and may be rejected if it is improperly executed, shows omissions, alterations of form, additions not called for, unauthorized conditions, or limitations, or unauthorized alternate Proposals, fails to include the proper Proposal Guaranty, Contract references, other certificates, affidavits, statements, or information required to be included with Proposals, including, but not limited to, the Proposer's prices, or contains other irregularities of any kind.
Such termination will result in the forfeiture of the Proposal Guaranty.
NOTE: This Proposal Guaranty Bond is digitally signed with submittal of the electronic bid.
In the event you should fail to execute the Contract Agreement and furnish the Payment and Performance Bonds within the time specified, said Proposal Guaranty will be retained by said City as liquidated damages and not as penalty, for the delay and extra work caused thereby.
The Proposal Guaranty submitted with your proposal will be returned upon execution of the Contract Agreement and the furnishing of the Payment and Performance Bonds.
Rejection of the low bid under these circumstances will require the low bidder to surrender the Proposal Guaranty to the Department.
Contrary to Section 103.04, The Department will hold the Proposal Guaranty of the lowest bidder and the Proposal Guaranty of the second lowest bidder, as determined by the Commissioner, until the Department awards the Contract and executes and approves the Contract and bond of the successful bidder, or until the Department rejects all Bid Proposals.
Contractors are to let surety companies know the 5% Surety amount is to be clearly identified on the Surety Companies documentation.The Proposal Guaranty must be submitted on Iowa DOT Form No. 131084 or the bid will be rejected.The Proposal Guaranty from the qualified responsive Bidderwill be retained until an executed contract is in place and the required bonds and Insurance Certificates are in the possession of the Iowa DOT after which the bid security will promptly be returned.