D.C. Mun. Regs. tit. 8, r. 8-B3049

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 8-B3049 - BID BONDS, PROPOSAL BONDS, AND OTHER SECURITY

3049.1

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.

3049.2

When the University's independent cost estimate for a construction contract is over one hundred thousand dollars ($100,000), the CCO shall require a Security Bond, unless the CCO determines that good cause exists to allow bidders to proceed without a Security Bond.

3049.3

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

3049.4

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.

3049.5

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.

D.C. Mun. Regs. tit. 8, r. 8-B3049

Final Rulemaking published at 57 DCR 2630 (Mar. 2010)

Authority: D.C. Official Code § 38-1202.01 (2001 ed.)