Section R916-4-7 - Acceptable Bid Security; Performance and Payment Bonds(1) The Executive Director or designee shall have the authority to waive the requirement to provide bid security, or may reduce the amount of such security, if he or she determines that the bid security otherwise required by Part 11 of the Utah Procurement Code to be unnecessary to protect the State.(2) The Executive Director or designee may reduce the amount of the payment and performance bonds below the 100% level required by Part 11 of the Utah Procurement Code, if he or she determines that a 100% bond is unnecessary to protect the State.(3) Bid security, payment bonds and performance bonds must be provided on the forms included in the RFP.Utah Admin. Code R916-4-7
Amended by Utah State Bulletin Number 2015-8, effective 3/27/2015Amended by Utah State Bulletin Number 2018-10, effective 4/23/2018