Common use of DEFINITIONS AS USED HEREIN Clause in Contracts

DEFINITIONS AS USED HEREIN. A. Bid—An offer to perform, in accordance with the terms and conditions of this IFB, for a stipulated price. The bidder’s offer. B. Bid Bond—A copy of the bid bond must accompany the IFB when submitted to the CE; if the projected contract reimbursement is in excess of $250,000. The CE shall require a bond in an amount not less than five (5) percent or more than ten (10) percent of the value of the contract for which the bid is made. The bond must have been secured from a surety company listed in the U.S. Department of the Treasury Circular 570. C. Bidder—An FSMC submitting a bid in response to this invitation for bid. D. Contract—A formal, legally enforceable agreement between the buyer (CE) and the seller (contractor) that establishes a legally binding obligation for the seller to furnish goods and/or services and for the buyer to compensate the seller.

DEFINITIONS AS USED HEREIN. A. Bid—An offer to perform, in accordance with the terms and conditions of this the IFB, for a stipulated price. The bidder’s offer. B. Bid Bond—A copy of the bid bond must accompany the IFB when submitted to the CE; CE if the projected contract reimbursement is in excess of $250,000. The CE shall require a bond in an amount not less than five (5) percent or more than ten (10) percent of the value of the contract for which the bid is made. The bond must have been secured from a surety company listed in the U.S. Department of the Treasury Circular 570. C. Bidder—An FSMC submitting a bid in response to this invitation for bidIFB. D. Contract—A formal, legally enforceable agreement between the buyer (CE) and the seller (contractor) that establishes a legally binding obligation for the seller to furnish goods and/or services and for the buyer to compensate the seller.