Bid Surety definition

Bid Surety means letters of credit, bond surety or electronic bonds issued by a Licensed Canadian Surety Company or Canadian Charted Bank to ensure the successful bidder will enter into an agreement.
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Bid Surety means a monetary commitment by a Bidder in the form of either a certified cheque, Irrevocable Stand-by Letter of Credit or a Bid Bond issued by a surety, (as per the instructions to Bidder in a Bid solicitation);
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Examples of Bid Surety in a sentence

  • All Bid Surety Checks shall be delivered to the Office of Purchasing prior to the Bid Due Date and Time.

  • Failure to satisfy this Bid Surety requirement will result in your bid being considered non-responsive and removed from further consideration for award of the subject contract.

  • The successful bidder forfeits its Bid Surety in the event it cannot perform the work required by the invitations-for-bid or request-for-bids.

  • For firms electing to submit their response via Vendor Registry, the Bid Surety shall be delivered to the Office of Purchasing prior to the Bid Due Date and Time.

  • Bid Surety acts to protect the County from delays and expenses incurred in the lengthy competitive sealed bidding and competitive sealed bid processes, and provides the County with some financial assurance that should the bidder be awarded the project, the successful bidder will enter into the contract with the County.

  • Bid Surety will not be required from Contractors that have been in business for five (5) consecutive years without filing for bankruptcy.

  • Bidders not meeting this requirement must furnish Bid Surety as discussed in Option B below.

  • The Bid Surety of any three bidders in contention will be held until an award has been made according to the specifications of each proposal.

  • The Bid Surety must come in the form of a certified check, cashier’s check or surety bond; made payable to the “Public Safety Association Inc.

  • Name: Phone: E-Mail: Attached to this Bid you shall find a Bid Surety, Cashier’s Check, or Certified Check (circle one that applies) in the amount of $1,000.00.

Related to Bid Surety

  • Bid Bond means the unconditional and irrevocable bank guarantee to be submitted along with the Bid by the Bidder under Clause of this RFP, in the prescribed Format;

  • BID/Tender means the Techno Commercial and the Price Bid submitted by the Bidder along with all documents/credentials/attachments, formats, etc., in response to this Bid Document, in accordance with the terms and conditions hereof.

  • Competitive Bid Borrowing means a borrowing consisting of simultaneous Competitive Bid Advances from each of the Lenders whose offer to make one or more Competitive Bid Advances as part of such borrowing has been accepted under the competitive bidding procedure described in Section 2.03.

  • Competitive Bid Request means a request by the Borrower for Competitive Bids in accordance with Section 2.04.

  • Bid Request means a written request for one or more Bid Loans substantially in the form of Exhibit B-1.