Bids Received Clause Samples
The "Bids Received" clause defines the procedures and requirements for handling and acknowledging bids submitted in response to a solicitation or tender. Typically, this clause outlines how bids must be submitted, the deadline for receipt, and the process for recording and safeguarding the bids until they are opened. For example, it may specify that all bids must be received in sealed envelopes by a certain date and time, and that late bids will not be considered. The core function of this clause is to ensure fairness and transparency in the bidding process by establishing clear rules for the receipt and handling of bids, thereby minimizing disputes and maintaining the integrity of the procurement process.
Bids Received. The bids received must meet all of the following requirements:
(i) At least three bids are received from providers that were solicited as described above and that do not have a “material financial interest” in the issue. For this purpose, (A) a lead underwriter in a negotiated underwriting transaction is deemed to have a material financial interest in the issue until 15 days after the Issue Date of the issue, (B) any entity acting as a financial advisor with respect to the purchase of the Guaranteed Investment Contract at the time the bid specifications are forwarded to potential providers has a material financial interest in the issue, and (C) a provider that is a related party to a provider that has a material financial interest in the issue is deemed to have a material financial interest in the issue.
(ii) At least one of the three bids received is from a reasonably competitive provider, as defined above.
(iii) If an agent or broker is used to conduct the bidding process, the agent or broker did not bid to provide the Guaranteed Investment Contract.
Bids Received. The bids received must meet all of the following requirements:
(A) At least three bids are received from providers that were solicited as described above and that do not have a “material financial interest” in the issue. For this purpose, (i) a lead underwriter in a negotiated underwriting transaction is deemed to have a material financial interest in the issue until 15 days after the Issue Date of the issue,
Bids Received. The bids received by the Borrower or the Trustee must meet all of the following requirements:
(A) The Borrower or the Trustee receives at least 3 bids from providers that were solicited as described above and that do not have a “material financial interest” in the issue. For this purpose, (a) a lead underwriter in a negotiated underwriting transaction is deemed to have a material financial interest in the issue until 15 days after the issue date of the issue; (b) any entity acting as a financial advisor with respect to the purchase of the Guaranteed Investment Contract at the time the bid specifications are forwarded to potential providers has a material financial interest in the issue; and (c) a provider that is a related party to a provider that has a material financial interest in the issue is deemed to have a material financial interest in the issue.
(B) At least one of the 3 bids received is from a reasonably competitive provider, as defined above.
(C) If the Borrower or the Trustee uses an agent or broker to conduct the bidding process, the agent or broker did not bid to provide the Guaranteed Investment Contract.
Bids Received. The bids received by the City or the Trustee will meet all of the following requirements:
(A) The City or Trustee receives at least three bids from providers that were solicited as described above and that do not have a “material financial interest” in the issue. For this purpose, (a) a lead underwriter in a negotiated underwriting transaction is deemed to have a material financial interest in the issue until 15 days after the issue date of the issue; (b) any entity acting as a financial advisor with respect to the purchase of the Guaranteed Investment Contract at the time the bid specifications are forwarded to potential providers has a material financial interest in the issue; and (c) a provider that is a related party to a provider that has a material financial interest in the issue is deemed to have a material financial interest in the issue.
(B) At least one of the three bids received is from a reasonably competitive provider, as defined above.
(C) If the City or Trustee uses an agent or broker to conduct the bidding process, the agent or broker did not bid to provide the Guaranteed Investment Contract.
Bids Received. The bid results in December were reviewed and the ATC bidder was the apparent low bidder however the bid was over the Programed Total Cost. Bids for the Project were ultimately rejected by the Commission. It was decided to Re-Let the project in April of 2022 without using the ATC Process. MoDOT received similar bids in total cost as the first letting. The previous ATC bidder combined with another Contractor to bid the project the 2nd time (both were separate bidders the in December of 2021). The newly formed Contracting Team bid more than their previous bids. The ATC bidder claimed they needed to form a Joint Venture for the second bid due to lack of available resources to take on the project and this likely resulted in their higher bid. American Bridge Company was awarded the contract for $66,488,000 (well over the Programmed amount). No further action was taken from the ATC Process after award.
Bids Received. MoDOT received only two bids for the project. The first bidder (▇▇▇▇▇ ▇▇▇▇ and Sons) included three pre-approved ATCs in their bid. The second bidder (▇▇▇▇ Construction and BobBergkamp Construction) bid the MoDOT-supplied base plans. A third contractor went through the ATC approval process and had a pre-approved ATC, but elected not to bid on the project. ▇▇▇▇▇ ▇▇▇▇ and Sons was declared the low bidder and was ultimately awarded the contract. This amount of bidders is typical for a project of this size in this location. The ATCs bid by ▇▇▇▇▇ ▇▇▇▇ and Sons resulted in an approximately $6 million overall savings to the project. Below is a summary of the three ATCs:
(1) Changes to the horizontal and vertical alignments at the north end of the project, changes to the vertical alignment from Route 90 to the Arkansas state line, and changes to the ramp configuration at the Route 90 diamond interchange.
(2) Revised culvert dimensions at certain locations, revised connections between precast box culvert segments, and an alternate joint sealing method between precast box culvert segments.
(3) Revised high-embankment typical section.