BID, PERFORMANCE AND PAYMENT SECURITY Clause Samples
BID, PERFORMANCE AND PAYMENT SECURITY. 27.1. Bid security, performance security and/or payment security may be required as part of the Contract as specified in Schedule A herein.
27.2. If a Bid does not comply with the bid security requirements, it shall be rejected as non- responsive.
27.3. Bid security will be returned to Bidders as follows:
27.3.1. Within a reasonable time after the Bid Opening, the Comptroller will be notified to return the bid securities of all but the three (3) lowest Bidders. Within a reasonable time after the award, the Comptroller will be notified to return the bid securities of the remaining two (2) unsuccessful Bidders;
27.3.2. Within a reasonable time after the execution of the Contract and acceptance of the Contractor’s bonds, the Comptroller will be notified to return the bid security of the successful Bidder or, if no Performance and Payment bonds are required, the Comptroller will be notified to return the bid security only after the sum retained under applicable provisions of the contract equals the bid security;
27.3.3. Where all bids are rejected, the Comptroller will be notified to return the bid security of all Bidders at the time of rejection;
27.4. The performance and payment security, if required in the Contract Documents and in the amounts specified in Schedule A, shall be delivered by the Contractor to the City within ten
BID, PERFORMANCE AND PAYMENT SECURITY. G.55. Bid security, performance security and/or payment security may be required as part of the Contract as specified in Schedule A herein.
BID, PERFORMANCE AND PAYMENT SECURITY. 1. The Mayor's Office of Construction or Agency Chief Contracting Officer ("ACCO") may require the submission of security in an amount and type specified on Page I.
2. The Agency Chief Contracting Officer ("ACCO") or Director of Construction may require performance security in the amount specified on Page I. The performance security shall be delivered by the Contractor to the City when the Contract is signed by the Commissioner or his/her designee. If a Contractor fails to deliver the required performance security, the award shall be rescinded, the Contractor's Bid security shall be enforced, the Contract may be awarded to the next lowest responsive and responsible Bidder, or the Contract may be rebid.
BID, PERFORMANCE AND PAYMENT SECURITY. (A) Bid Security - Each bid must be accompanied by bid security in an amount and type specified in Schedule A of the Agreement. The bid security shall assure the City of New York of the adherence of the bidder to its bid, the execution of the Contract, and the furnishings of Performance and Payment Bonds by the bidder, if required in Schedule “A.” Bid security shall be returned to the bidder as follows:
(1) Within ten (10) days after the bid opening, the Comptroller will be notified to return the deposits of all but the three (3) lowest bidders. Within five (5) days after the award, the Comptroller will be notified to return the deposits of the remaining two unsuccessful bidders.
(2) Within five (5) days after the execution of the Contract and acceptance of the Contractor's bonds, the Comptroller will be notified to return the bid security of the successful bidder.
(3) Where all bids are rejected, the Comptroller will be notified to return the deposit of the three (3) lowest bidders at the time of rejection.
(B) Performance and Payment Security - Performance and Payment Security must be provided in an amount and type specified in Schedule “A.” The performance and payment security shall be delivered by the Contractor prior to or at the time of execution of the Contract. If a Contractor fails to deliver the required performance and payment security, the award shall be rescinded, its bid security shall be enforced, and an award of contract may be made to the next lowest responsible and responsive bidder, or the contract may be rebid.
BID, PERFORMANCE AND PAYMENT SECURITY