Common use of Bid Guarantee Clause in Contracts

Bid Guarantee. (1) When required, a Bid Guarantee in the proper amount and in the proper form must accompany the proposal. No bid will be considered unless it is so guaranteed. Cashier’s check, certified check or money order must be made payable to the order of the Owner. Cash deposits will not be accepted. The Owner reserves the right to cash or deposit the cashier’s check, certified check or money order. (2) The amount of the bid guarantee shall be not less than five (5%) percent of the amount of the bid, including any alternates, and at the option of the bidder may be a cashier’s check, certified check, money order or a satisfactory bid bond attached to the bid form, unless, a project, funded in whole or in part by State and/or Federal Funds, is governed by State and/or Federal Regulations or Laws which require a bid guarantee in a different amount, in which event the State and/or Federal Regulations or Laws shall take precedence. (3) Bid Guarantees of the three lowest bidders will be retained by the Owner until the Contract is executed or until final disposition is made of the bids submitted. Bid Guarantees of all other bidders will be returned within ten (10) days after the canvass of bids. (4) Bids shall remain binding for at least forty-five (45) days after the date set for Bid Opening. In the event the Owner issues the Letter of Award during this period, the bid accepted shall continue to remain binding until the Execution of Contract. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and the lowest responsible bidder, by mutual written consent, may agree to extend the deadline for award by one or more extensions of thirty (30) calendar days. (5) The successful bidder, upon his failure or refusal to execute Contract with Owner and deliver performance and payment bonds and any other required submittal within a period of ten (10) calendar days after original date of Owner’s Letter of Award, as defined in the General Specifications, shall forfeit to Owner, as liquidated damages for such failure or refusal, the security deposited with his bid. (6) To the extent permitted by law, the Bond requirements as set forth herein are waived insofar as Community Development housing rehabilitation construction contracts are concerned for single family, owner-occupied dwellings. The Parish Attorney’s office will omit the requirements in connection with Community Development housing rehabilitation construction contracts for single family, owner-occupied dwellings.

Bid Guarantee. (1) When required, a Bid Guarantee in the proper amount and in the proper form must accompany the proposal. No bid will be considered unless it is so guaranteed. Cashier’s check, certified check or money order must be made payable to the order of the Owner. Cash deposits will not be accepted. The Owner reserves the right to cash or deposit the cashier’s check, certified check or money order. (2) The amount of the bid guarantee shall be not less than five (5%) percent of the amount of the bid, including any alternates, bid and at the option of the bidder may be a cashier’s check, certified check, money order or a satisfactory bid bond attached to the bid form, unless, a project, funded in whole or in part by State and/or Federal Funds, is governed by State and/or Federal Regulations or Laws which require a bid guarantee in a different amount, in which event the State and/or Federal Regulations or Laws shall take precedence. (3) Bid Guarantees of the three lowest bidders will be retained by the Owner until the Contract is executed or until final disposition is made of the bids submitted. Bid Guarantees of all other bidders will be returned within ten (10) days after the canvass of bids. (4) Bids shall remain binding for at least forty-five (45) days after the date set for Bid Opening. In the event the Owner issues the Letter of Award during this period, the bid accepted shall continue to remain binding until the Execution of Contract. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and the lowest responsible bidder, by mutual mutually written consent, may agree to extend the deadline for award by one or more extensions of thirty (30) calendar days. (5) The successful bidder, bidder upon his failure or refusal to execute Contract Cont ract with Owner and deliver performance and payment bonds and any other required submittal within a period of ten twelve (1012) calendar days after original date of OwnerOwner ’s Letter of Award, as defined in the General Specifications, shall forfeit to Owner, as liquidated damages for such failure or refusal, the security deposited with his bid. (6) To the extent permitted by law, the Bond requirements as set forth herein are waived insofar as Community Development housing rehabilitation construction contracts are concerned for single family, owner-occupied dwellings. The Parish Attorney’s office will omit the requirements in connection with Community Development housing rehabilitation construction contracts for single family, owner-occupied dwellings.