The Bidder shall include with its Proposal a Proposal Guaranty that meets the following requirements:
(1)Equal to 5 percent of the total amount of the Proposal
(2)Made payable to the Department
(3)In the form of a bond
A Proposal Guaranty in the form of a bond must meet the following requirements:
(1)Issued by a corporation authorized by the Minnesota Department of Commerce to
contract as a Surety in the State of Minnesota
(2)Conditioned on the execution of the Contract in accordance with 1306, “Execution and
Approval of Contract”
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Source: Minnesota Standard Specifications for Construction, 2025 Edition. Pages 44–0 of 1,081. View official source ↗