Section 4a-52-6 - Guaranty or surety(a) A guaranty that the bidder will execute a contract and furnish performance surety, when requested and within ten days after the execution date of contract, shall, if required, be submitted with the bid. A guaranty may be submitted in any one of the following forms:(1) annual bid bond in the amount of $5,000 to cover all bids up to $50,000 submitted within one year;(2) individual bid bond for up to ten percent of the total amount of each separate bid; and,(3) certified check made payable to "Treasurer, State of Connecticut" for up to ten percent of the total amount of each separate bid.(b) Performance surety binding the contractor faithfully to fulfill the obligations of his bid as accepted may be required. Such assurance in an amount up to one hundred percent of each separate award may be submitted in the form of a performance bond of a licensed surety company, certified check or irrevocable letter of credit from a commercial institution.(c) Bonds must meet the following requirements:(1) Corporation. The bond must be signed by an official of the corporation above his official title and the corporate seal must be affixed over his signature;(2) Firm or Partnership. The bond must be signed in the name of the partnership by all the partners;(3) Individual. The bond must be signed by the individual owning the business, and indicating "Owner";(4) The surety company executing the bond must be licensed to do business in the State, or the bond must be countersigned by a company so licensed;(5) The bond must be signed by an official of the surety company and the corporate seal must be affixed over his signature;(6) Signatures of two witnesses for both the principal and the surety must appear on the bond;(7) A power of attorney for the official signing the bond for the surety company must be submitted with the bond, unless such power of attorney has previously been filed with the Bureau of Purchases.Conn. Agencies Regs. § 4a-52-6
Effective September 1, 1992