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The bid bond penalty is a percentage of the total bid amount, not to exceed the spread between the first and second place bidders. Some bid bonds contain "forfeiture language", which means that the contractor loses the whole bid bond amount, regardless of the bid spread.
A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the in terrorem effect of the threat of a penalty for nonperformance.
A $2 million (equivalent to $32.3 million in 2023 [3]) bid bond was to accompany each bid. The winner would have to post a $5 million (equivalent to $80.7 million in 2023 [3]) performance bond. The contractor would have seven years to build the dam, or penalties would ensue. [4]
Bid solicitation is the process of making published construction data readily available to interested parties, including construction managers, contractors, and the public. There are several services, including government entities and private plan rooms, that allow project owners to release project details to solicit and obtain contractor bids.
Jul. 25—The Gainesville ISD board will vote next month on whether or not to put over $90 million in bond issues on the November ballot. Most of the money — $68 or so million — would go to ...
Judge denies Trump request to post $100M bond instead of 'impossible' $464M penalty in N.Y. fraud case. Adam Reiss and Lisa Rubin and Dareh Gregorian. Updated February 28, 2024 at 4:55 PM.
Included in this category are bid bonds (guaranty that a contractor will enter into a contract if awarded the bid); performance bonds (guaranty that a contractor will perform the work as specified by the contract); payment bonds (guaranty that a contractor will pay for services, particularly subcontractors and materials and particularly for ...
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