Title 07 Finance
Chapter 07.06 Procurement of Goods, Services and Works
Article V. Bid Security and Performance Bonds
Bid security is required for all public bidding of Public Works contracts. Bid security is a bond provided by a surety company authorized to do business in the state of Washington, or the equivalent in cash, or otherwise supplied in a form satisfactory to the City. Nothing herein prevents the requirement of such security on Public Works contracts under the public bid limits when the circumstances warrant.
Amount of Bid Security.
Bid security is at least five percent (5%) of the total amount of the bid.
Rejection of Bids for Noncompliance with Bid Security Requirements.
When the ITB requires security, noncompliance requires that the bid be rejected unless it is determined that the bid fails to comply in a nonsubstantial manner with the security requirements.
Withdrawal of Bids.
After the bids are opened they are irrevocable for the period specified in the ITB. If a bidder is permitted to withdraw its bid before award, no action is had against the bid or the bid security. Withdrawal of inadvertently erroneous bids before or after award or cancellation of awards or contracts based on such bid mistakes may be permitted. Except as otherwise provided by regulation, all decisions to permit the withdrawal of bids, or to cancel awards or contracts based on bid mistakes, shall be supported by a written determination made by the Purchasing Director.
Date Passed: Monday, March 12, 2018
Effective Date: Saturday, April 21, 2018
ORD C35602 Section 2