D.C. Mun. Regs. tit. 19, r. 19-4358

Current through Register Vol. 71, No. 37, September 13, 2024

Rule 19-4358 - BID BONDS, PROPOSAL BONDS, AND OTHER SECURITY

4358.1

The CCO may require bid bonds, proposal bonds, and other security in connection with any solicitation, regardless of whether any payment or performance security will be required under the contract.

4358.2

When the Library's independent cost estimate for a construction contract is over one hundred thousand dollars ($100,000), the CCO shall require a Security Bond in the Invitation for Bids.

4358.3

The CCO may require a Security Bond when the Library's independent cost estimate for a construction project is less than one hundred thousand dollars ($100,000).

4358.4

When a Security Bond is required, the solicitation shall contain the following:

(a) A statement that a Security Bond is required;

(b) A statement that the Security Bond shall be effective for as long as the bid is required to remain effective;

(c) Instructions to allow bidders to determine the amount of the required Security Bond.

4358.5

If a solicitation is cancelled, or if a bidder is permitted to withdraw a bid prior to award due to a mistake in the bid, the CCO shall take no action against the Security Bond.

4358.6

Security bonds shall be required in circumstances when only one bid or proposal is received, or when sole source procedures are utilized.

D.C. Mun. Regs. tit. 19, r. 19-4358

Final Rulemaking published at 55 DCR 493 (January 18, 2008)