Or. Admin. R. 629-029-0120 - Performance Bond

(1) Performance bond security, at the minimum shall be 20 percent of the bid, or an amount equal to the value of the project work (rounded up to the nearest thousand), whichever is greater. This requirement will be stated in the Notice documents.

(2) Form of bond security. The following forms of bond security may be accepted by the STATE:

(a) Cash;

(b) Cashier's check;

(c) Money order;

(d) Surety bond;

(e) Assignment of surety;

(f) Irrevocable letters of credit; or

(g) Other securities as determined acceptable by the STATE.

Surety bonds must be executed on a standard State form.

(3) Bonds shall be retained for 120 days after acceptance of operations.

Notes

Or. Admin. R. 629-029-0120

FB 1-1997, f. 9-4-97, cert. ef. 1-1-98

Stat. Auth.: ORS 526.041

Stats. Implemented: ORS 530.050