Common use of Bid Security Clause in Contracts

Bid Security. 9.1. Bid security, as a guarantee of good faith, in the form of a certified check, cashier's check, or bid bond, may be required to be submitted with the solicitation, as indicated on the solicitation. 9.1.1. Bid security, if required, shall be in the amount specified in the solicitation. The bid security may be scanned and attached to the Response Attachments@ section of your response in Ebid. The original bid security should then be sent or delivered to the office of the Purchasing Division, ▇▇▇ ▇. ▇▇▇ ▇▇., ▇▇▇. ▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ within three (3) days of closing. 9.1.2. If the bid security is not received in the office of the Purchasing Division as stated above, the Bidder may be determined to be non-responsive. 9.2. If alternates are submitted, only one bid security will be required, provided the bid security is based on the amount of the highest gross bid. 9.3. Such bid security will be returned to the unsuccessful Bidders when the award of the solicitation is made. 9.3.1. Bid security will be returned to the successful Bidder(s) as follows: 9.3.2. For purchase orders, upon the delivery of all equipment or merchandise, and upon final acceptance by the Owner. 9.3.3. For all other contracts, upon approval by the Owner of the executed contract and bonds. 9.4. Owner shall have the right to retain the bid security of Bidders to whom an award is being considered until either: 9.4.1. A contract has been executed and bonds have been furnished. 9.4.2. The specified time has elapsed so the solicitations may be withdrawn. 9.4.3. All responses have been rejected. 9.4.4. Bid security will be forfeited to the Owner as full liquidated damages, but not as a penalty, if the Bidder fails or refuses to enter a contract on forms provided by the Owner, and/or if the Bidder fails to provide sufficient bonds or insurance within the period as established in this bidding document.

Bid Security. 9.1. Bid security, as a guarantee of good faith, in the form of a certified check, cashier's check, or bid bond, may be required to be submitted with the solicitation, as indicated on the solicitation. 9.1.1. Bid security, if required, shall be in the amount specified in the solicitation. The bid security may be scanned and attached to the Response Attachments@ section of your response in Ebid. The original bid security should then be sent or delivered to the office of the Purchasing Division, ▇▇▇ ▇440 S. 8th St., Ste. ▇▇▇ ▇▇.200, ▇▇▇. ▇▇▇Lincoln, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ NE 68508 within three (3) days of closing. 9.1.2. If the bid security is not received in the office of the Purchasing Division as stated above, the Bidder may be determined to be non-responsive. 9.2. If alternates are submitted, only one bid security will be required, provided the bid security is based on the amount of the highest gross bid. 9.3. Such bid security will be returned to the unsuccessful Bidders when the award of the solicitation is made. 9.3.1. Bid security will be returned to the successful Bidder(s) as follows: 9.3.2. For purchase orders, upon the delivery of all equipment or merchandise, and upon final acceptance by the Owner. 9.3.3. For all other contracts, upon approval by the Owner of the executed contract and bonds. 9.4. Owner shall have the right to retain the bid security of Bidders to whom an award is being considered until either: 9.4.1. A contract has been executed and bonds have been furnished. 9.4.2. The specified time has elapsed so the solicitations may be withdrawn. 9.4.3. All responses have been rejected. 9.4.4. Bid security will be forfeited to the Owner as full liquidated damages, but not as a penalty, if the Bidder fails or refuses to enter a contract on forms provided by the Owner, and/or if the Bidder fails to provide sufficient bonds or insurance within the period as established in this bidding document.