Bid Guaranty
Defined in the standard specifications of 2 state transportation agencies. Each definition below is the agency’s own text, with the section it comes from — they do not all say the same thing, and on a contract the difference is the point.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
Michigan · MDOT
Amount the Bidder agrees, at the time of bi d submission, to pay MDOT if the Bidder fails to execute the contract form and file satisfactory bonds and other required documents necessary for the award of the contract within the 21 -day period provided or within
Section 101 — Terms, Format, and Definitions →New Mexico · NMDOT
The security provided with a Bid to guarantee that the Bidder will enter into the
Section 101 — Abbreviations, Symbols, T erms, and Definitions →