Utah Admin. Code R33-111-302 - Surety or Performance Bonds for Non-construction Procurement Items
(1) A surety or
performance bond may be required on any non-construction contract if the
procurement official deems it necessary to guarantee the satisfactory
completion of a contract, provided:
(a) the
solicitation contains a statement that a surety or performance bond is required
in an amount:
(i) equal to the amount of the
bid, offer, or other response;
(ii)
equal to the project budget or estimated project cost, if the budget or
estimated project cost is published in the solicitation documents;
(iii) equal to the previous contract cost, if
the previous contract cost is published in the solicitation documents;
or
(iv) the Invitation for Bids or
Request for Proposals contains a statement that a surety or performance bond,
in an amount less than the amounts contained in Subsection
R33-111-302(1)(a),
is required; and
(b) The
solicitation contains a detailed description of the work to be performed for
which the surety or performance bond is required.
(2) Surety or performance bonds should not be
used to unreasonably eliminate competition or be of such unreasonable value as
to eliminate competition.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.