Required to be sent with vendor’s bid to ensure faithful performance of the request, if awarded the contract. The bid guaranty shall be for five percent (5%) of the total bid. If the successful vendor fails or refuses to enter into a written contract, the University shall retain the bid bond as liquidated damages.
Protects Kansas State University from loss due to the vendor’s inability to complete the contract as agreed, ensuring vendor compliance with the specifications, delivery, and agreement with the terms and conditions of the contract by requiring a monetary guaranty in the form of a certificate of deposit or properly executed bond payable to Kansas State University. Upon completion of the project, the bond may be released contingent on the performance of the terms in the contract. Any necessary bond forms will be provided by Kansas State University.
Required for projects of public improvements, e.g. construction or repair of public buildings, with a contract price of $100,000.00 and over (KSA 60-1111). The bond funding may be released after the project completion subject to adequate performance and payment of suppliers or subcontractors. The necessary bond forms will be provided by Kansas State University and shall be filed with the Clerk of the District Court in the County of the project’s location for one hundred percent (100%) of the contracted amount.