Bid guarantee definition

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract.

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Bid guarantee or “Bid Bond” means a form of security assuring that the bidder will not withdraw a Bid within the bid acceptance period and will execute a contract and furnish required bonds and insurance within the time specified in the bid.

Bid guarantee. ’ means a firm commit- ment such as a bid bond, certified check, or other negotiable instrument, accompanying a bid as assurance that the bidder will, if its bid is accepted, execute the required con- tractual documents within the time speci- fied.

Examples of Bid guarantee in a sentence

• For contracts or subagreements exceeding $100,000.00, the following bonding requirements must be included: Bid guarantee from each CONTRACTOR equivalent to five (5%) percent of the bid price; performance bond on the part of the CONTRACTOR for 100 (100%) percent of the contract price; and payment bond in the amount of either (1) 50% of the contract price if the contract price is not more than $1 million dollars or, (2) 40% of the contract price if the contract price is more than $1 million ▇.

• Furthermore, we understand that, according to the Beneficiary’s conditions, Bids must be supported by a Bid guarantee.

• If a successful Bidder (contractor) withdraws from the bid or fails to enter into contract within the prescribed time, such Bid guarantee will be forfeited to the Government of Guam.

• At the tender opening, the Bidders' names, the Bid prices, written notifications of modification and withdrawal, the presence of the requisite Bid guarantee and such other information as DRC may consider appropriate will be announced.

• Bid guarantee (when the SFSP portion of the bid exceeds $100,000): Bidder/offerer shall submit with his or her bid a bid guarantee in the amount of $ (no less than 5 percent or more than 10 percent of the total bid price), which shall be in the form of a firm commitment such as a bid bond, postal money order, certified check, cashier’s check, or irrevocable letter of credit.

More Definitions of Bid guarantee

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract. "Bid specifications" means all documents requesting bid proposals for municipal solid waste collection services contained herein.

Bid guarantee means a properly executed department form of bid bond, a bank certified check, or a cashier’s check, in an amount equal to 10% of the highest combination base bid(s) and alternate bids submitted. In the event the federal government participates in a state project, the bid guarantee shall be as speci- fied by the federal government, but not less than 10%.

Bid guarantee means a properly executed department form of bid bond, a bank certified check or a cashier’s check, in an amount equal to 10% of the highest combination base bid or bids and alternate bids submitted.

Bid guarantee means the security established in accordance with the IFMSB to secure inter alia, Project Company's obligations as set forth in this Agreement, during the period between the execution of this Agreement and Financial Close.

Bid guarantee means a form of security assuring that the bidder—

Bid guarantee means security provided by a Bidder to the Airport Authority with a Bid to guarantee that the Bidder will enter into a contract with the Airport Authority within the time specified in an RFB, based upon the substantive terms and conditions contained in the form of agreement or other terms and conditions included in, or referenced by, the RFB.

Bid guarantee means the Bid Bond or Cashier’s Check in the amount of