(A) Requirement for bid or proposal security. Bid or proposal security shall be considered for all procurements when the price is estimated by the Director of Purchasing to exceed $50,000. In all cases bid or proposal security shall be a bond provided by a surety company authorized to do business in the State of Connecticut, or certified check or otherwise supplied in a form satisfactory to the city. Nothing herein prevents the requirement of such bonds or on such contracts under $50,000 when the circumstances warrant.
(B) Amount of security. Bid or proposal security shall be in an amount equal to, at least, 10% of the amount of the bid or proposal,
(C) Rejection of bids or proposals for non-compliance with bid or proposal security requirements. When the invitation for bids or other solicitation requires security, non-compliance therewith requires that the bid or proposal be rejected.
(D) Withdrawal of bids or proposals. After bids or proposals are opened, they shall be irrevocable for the period specified in the invitation for bids, although proposals may be subject to competitive negotiation, as set forth in this chapter. However, if the bidder is permitted, pursuant to § 38.021 or § 38.022, to withdraw its bid (or proposal) before work, or is excluded from the competition before work, no action shall be had against the bidder or respondent for the bid or proposal security.
(Ord. passed 6-20-2005)