Or. Admin. Code § 731-005-0770
Current through Register Vol. 64, No. 1, January 1, 2025
Section 731-005-0770 - Performance Security(1) Public Improvement Contracts. Unless ODOT waives the required performance and payment bonds under ORS 279C.380(4), or the director of the Department of Transportation exempts a Contract or classes of Contracts from the required performance bond pursuant to ORS 279C.390, the Contractor shall execute and deliver to ODOT a performance bond and a payment bond.(2) Requirement for Surety Bond. The Contractor shall use ODOT's standard forms that are found in the Contract booklet. The amount of each bond shall be equal to the Contract Amount. The surety company's authorized attorney in fact shall sign the performance bond and the payment bond. The surety company's seal shall be affixed to each bond. A power of attorney for the attorney in fact shall be attached to the bonds in the Contract booklet. Include performance/payment bond number. Bonds cannot be canceled by the Contractor or the surety, nor can they be released by ODOT due to possible claims.(3) Time for Submission. The apparent successful Offeror must furnish the performance/payment security as required by the Solicitation Document. If the Offeror fails to furnish the security as requested, ODOT may reject the Offer and award the Contract to the Responsible Bidder with the next lowest Responsive Bid, the Offeror shall forfeit its Bid security.Or. Admin. Code § 731-005-0770
DOT 2-2005, f. 2-16-05, cert. ef. 3-1-05; DOT 4-2018, amend filed 04/26/2018, effective 4/26/2018; DOT 1-2024, amend filed 05/09/2024, effective 6/1/2024Statutory/Other Authority: ORS 184.619, 279A.050 & 279A.065
Statutes/Other Implemented: ORS 279C.375 & 279C.390