Common use of Proposal Guaranty Clause in Contracts

Proposal Guaranty. No proposal will be considered unless accompanied by a bid bond, surety, or similar guaranty of the types and in an amount not less than the amount indicated in the Invitation to Bid. All sureties shall be made payable to the "City of Portsmouth". If a bid bond is used by the bidder it shall be: • In a form satisfactory to the Owner; • With a surety company licensed, authorized to do business in, and subject to the jurisdiction of the courts of the State of New Hampshire; and • Conditioned upon the faithful performance by the principal of the agreements contained in the sub-bid or the general bid. In the event any irregularities are contained in the proposal guaranty, the bidder will have four business days (not counting the day of opening) to correct any irregularities. The corrected guaranty must be received by 4:00 p.m. If irregularities are not corrected to the satisfaction of the Owner, the Owner, in its sole discretion, may reject the bid.

Proposal Guaranty. No proposal will be considered unless accompanied by a bid bond, surety, or similar guaranty of the types and in an amount not less than the amount indicated in the Invitation to Bid. All sureties shall be made payable to the "City of Portsmouth". If a bid bond is used by the bidder it shall be: • In a form satisfactory to the Owner; Owner; • With a surety company licensed, authorized to do business in, and subject to the jurisdiction of the courts of the State of New Hampshire; Hampshire; and • Conditioned upon the faithful performance by the principal of the agreements contained in the sub-bid sub­bid or the general bid. In the event any irregularities are contained in the proposal guaranty, the bidder will have four business days (not counting the day of opening) to correct any irregularities. The corrected guaranty must be received by 4:00 p.m. If irregularities are not corrected to the satisfaction of the Owner, the Owner, in its sole discretion, may reject the bid.