Utah Admin. Code R33-11-202 - Acceptable Bid Security Not Furnished
(1) If acceptable bid security is not
furnished, the bid shall be rejected as nonresponsive, unless the failure to
comply is determined by the chief procurement officer or head of a procurement
unit with independent procurement authority to be nonsubstantial. Failure to
submit an acceptable bid security may be deemed nonsubstantial if:
(a) the bid security is submitted on a form
other than the required bid bond form and the bid security meets all other
requirements including being issued by a surety meeting the requirements of
Rule
R33-11-303(1)(b)
and the contractor provides acceptable bid security by the close of business of
the next succeeding business day after the procurement notified the contractor
of the defective bid security; or
(b) only one bid is received, and there is
not sufficient time to re-solicit; or
(c) the amount of the bid security submitted,
though less than the amount required by the Invitation for Bids, is equal to or
greater than the difference in the price stated in the next higher acceptable
bid; or
(d) the bid security
becomes inadequate as a result of the correction of a mistake in the bid or bid
modification, if the bidder increases the amount of guarantee to required
limits within 48 hours after the bid opening.
(2) If the successful bidder fails or refuses
to enter into the contract or furnish the additional bonds required under Rule
R33-11-2, then the bidder's bid security may be forfeited.
Notes
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