Substitute Bid definition

Substitute Bid means an offer submitted by any person in response to an Invitation for Bid that is not in substantive compliance with the terms and conditions and specifications of the solicitation as issued. A substitute bid, by this definition, would generally be considered non- responsive to the requirements of the solicitation and would serve the sole purpose of advising the soliciting agency that a different specification could be used to provide the desired or similar product or service. The soliciting agency would be responsible for determining whether the substitute language would be justification for canceling the bid and re-soliciting.
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Substitute Bid means a second official bid submitted by the same person, to replace a bid for the same bid, already submitted by them into the bid box.
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Examples of Substitute Bid in a sentence

  • The second low bidder’s bid security will be returned after the low bidder executes the Contract or with the submission of an approved Substitute Bid Bond on the Design and Construction form.

  • At any time on or before September 1, 2007, Seller may request a novation or modification to this Agreement to designate one or more Substitute Bid Facilities in replacement of the Bid Facility designated herein for performance under this Agreement.

  • In 1991, and on the background of the just collapsed Marxist in Eastern Europe, John Paul is asking for the right form of capitalism:First of all it is definitely true that he saw the market inside clear boundaries as “the most efficient instrument for utilizing resources and effectively responding to needs” (CA, 34).

  • However, should the Bid Quantity be reduced, NYSERDA will retain a prorated amount of Contract Security if the Bid Capacity of the approved Substitute Bid Facility (or aggregate Bid Capacity if more than one Substitute Bid Facility) is less than the Bid Capacity associated with the Bid Facility included in the original contract.

  • NYSERDA will review each Application Package and make determinations as to qualification for either (1) participation in Step Two, or (2) eligibility as a Substitute Bid Facility.

  • Bidders must submit an Application Package for EACH Bid Facility, whether a Substitute Bid Facility or otherwise, that Bidder may wish to employ for performance under a Standard Form Contract executed as a result of this RFP.

  • The amounts are as follows: Nameplate Capacity:Bid Deposit Required:up to 4.99 MW:$5,0005.00 – 19.99 MW:$15,00020.00 – 49.99 MW:$25,00050.00 MW or more:$50,000 No Bid Deposit is required for Application Packages for Substitute Bid Facilities; such Application Packages will not be evaluated for qualification to submit a Bid Proposal under Step Two, but rather will be evaluated for eligibility as a Substitute Bid Facility, as described at Section VII (Substitution of Bid Facilities).

  • Substitute Bid proposals will not be considered unless this solicitation authorizes their submission.

  • The term of reference of the Council are to advise the Government on the areas it should address in promoting sustainable development and the preparation of a sustainable development strategy for Hong Kong242.

  • Substitute Bid Bond forms are not acceptable.The Proposal Security shall be calculated using the following formula:1,836 square yards X Bidder’s bid amount per square yard X 0.10 The Bid security of the Successful Bidder will be retained until such Bidder has executed the Agreement and furnished acceptable Contract bonds and insurance certificate, whereupon the Bid security will be returned.

Related to Substitute Bid

  • Base Bid means a Bid for Public Works to be performed or Supplies or Services to be furnished under a City Contract, including additives, alternates, deductives, excluding force accounts, and taxes collected separately pursuant to Washington Administrative Code (“WAC”) 458-20-171.

  • Alternative Bid means a response to a bid that does not meet the exact requirements of the specification but offers an alternative for consideration. An alternative bid is submitted with an intentional variation to a provision, specification, term or condition of the solicitation. This alternative, in the opinion of the bidder, achieves the same end result. Alternative bids may be rejected as non-responsive.

  • Eligible bidder means a person who is:

  • Alternate Bid means multiple Bids with substantive variations from the same Bidder in response to a Solicitation.

  • Substitute Lender has the meaning specified in Section 2.18(a).

  • Substitute Rate shall have the meaning set forth in Section 2.2.3(b).

  • Price Bid means the Price Bid submitted by the Bidder, in accordance with Clause 8.15.2;

  • Substitute Loan A mortgage loan substituted for a Deleted Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of the Scheduled Principal Balance of the Deleted Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Interest Rate not less than (and not more than one percentage point in excess of) the Mortgage Interest Rate of the Deleted Loan, (iii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Loan, (iv) have the same Due Date as the Due Date on the Deleted Loan, (v) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Loan as of such date, (vi) have a risk grading at least equal to the risk grading assigned on the Deleted Loan, (vii) is a “qualified mortgage” as defined in the REMIC Provisions and (viii) conform to each representation and warranty set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted Loan. In the event that one or more mortgage loans are substituted for one or more Deleted Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Interest Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Interest Rates, the terms described in clause (iii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (v) hereof shall be satisfied as to each such Substitute Loan, the risk gradings described in clause (vi) hereof shall be satisfied as to each such Substitute Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clauses (vii) and (viii) hereof must be satisfied as to each Substitute Loan or in the aggregate, as the case may be.

  • Buy Bid means a bid to buy Capacity Resources in any Incremental Auction.

  • Substitute Check means a paper reproduction of an Item that satisfies the requirements and definition of "substitute check" set forth in Regulation CC.

  • Eligible Bidder(s) means Bidder(s) who are eligible in terms of this E-Auction Process Memorandum, provisions of IBC and provisions of the Liquidation Process Regulations;

  • Substitute Rating Agency means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the case may be.

  • Acceptable bid means any bid which, in all respects, complies with the conditions of bid and specifications as set out in the bid documents.

  • Substitute ballots means replacement ballots provided by an election officer to

  • Substitute Purchaser is defined in Section 21.

  • CTS Interface Bid means: (1) in PJM, a unified real-time bid to simultaneously purchase and sell energy on either side of a CTS Enabled Interface in accordance with the procedures of Section 1.13 of Schedule 1 of the Amended and Restated Operating Agreement of PJM, L.L.C.; and (2) in NYISO, a real-time bid provided by an entity engaged in an external transaction at a CTS Enabled Interface, as more fully described in NYISO Services Tariff Section 2.3.

  • Contract base bid means the total dollar amount a contractor bids on a contract without factoring any bid incentive or percentage reductions to the bid amount.

  • Responsive Bidder or Offeror means a person who submits a bid or proposal which conforms in all material respects to the invitation for bids or request for proposals.

  • Competitive Bid means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Substitute Aircraft Has the meaning specified in the NPA.

  • Substitute teacher means a person employed to perform the normal duties of a teacher who is absent.

  • Eligible Substitute Mortgage Loan With respect to a Mortgage Loan substituted by the Transferor for a Deleted Mortgage Loan, a Mortgage Loan which must, on the date of such substitution, (i) have a Principal Balance, (or, in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Principal Balance), not in excess of, and not more than 10% less than the Principal Balance of the Deleted Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (v) comply with each representation and warranty set forth in Section 2.03 hereof; (vi) be the same credit grade category as the Deleted Mortgage Loan; (vii) have the same prepayment penalty term; and (viii) not be a Cooperative Mortgage Loan unless the Deleted Mortgage Loan was a Cooperative Mortgage Loan.

  • Responsive Bid means a Bid that complies with each of the provisions of this RFB, or is either an alternative bid or a bid with an exception, if accepted by the Agency.

  • The Bidder means the individual or firm who participates in this tender and submits its bid.

  • Responsive bidder means a person who has submitted a bid that conforms in all material respects