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"definition": {"title": "Bid Bond", "size": 530, "snippet": "means the unconditional and irrevocable bank guarantee to be submitted along with the Bid by the Bidder under Clause 3.14 of this RFS, in the prescribed Format- 3.", "id": "bid-bond", "examples": ["MBE Good Faith Effort Program Affidavits A, B, C 4 ....................Local Vendor Recognition Affidavit 1 ....................<strong>Bid Bond</strong> 1 ....................Certificate of Guarantee 1 ....................Performance Bond 2 ....................Payment Bond 2 ....................", "Bids shall be accompanied by Bidder\u2019s certified check, cashiers check or <strong>Bid Bond</strong> in the amount of five percent (5%) of the Bid Price.", "The <strong>Bid Bond</strong> shall insure the City of New York to the extent of not less than 10% of the amount of the Bid Contract Price.", "If the Bidder fails to enter into a contract with the City on the terms stated in his Bid, or fails to furnish a performance bond as required by the Contract Documents, the amount of the <strong>Bid Bond</strong> shall be forfeited to the City as liquidated damages, not as a penalty.", "The <strong>Bid Bond</strong> of all Bidders to whom an award is not being considered shall be returned promptly after the bid opening.", "The <strong>Bid Bond</strong>, or check, or money order, or cash as the case may be, shall assure the City of New York, and the Agency of the adherence of the Bidder to its bid and the execution of the contract, in form as annexed hereto, if its bid is accepted.", "Required Bid security in the form of a <strong>Bid Bond</strong> in the amount of 5% of the total Bid price.", "In lieu of a <strong>Bid Bond</strong>, the bid may be accompanied by a deposit in approximately the sum of 2% of the amount of the Bid Contract Price.", "Failure to supply such bonds as required by the Contract Documents shall result in forfeiture of the <strong>Bid Bond</strong>.", "If required in the Schedule of Bonds and Liability Insurance in this Invitation For Bids, no bid will be received or considered which is not accompanied by a <strong>Bid Bond</strong> (in the form set forth herein) issued by a surety company which is authorized to do business in the State of New York."], "related": [["competitive-bid-note", "Competitive Bid Note", "Competitive Bid Note"], ["bid-borrowing", "Bid Borrowing", "Bid Borrowing"], ["bid-loan-lender", "Bid Loan Lender", "Bid Loan Lender"], ["bid-loan", "Bid Loan", "Bid Loan"], ["bid-request", "Bid Request", "Bid Request"]], "related_snippets": [], "updated": "2026-08-09T04:22:36+00:00"}, "json": true, "cursor": ""}}