Bid Bonds are submitted with Solicitation Responses and are generally a mandatory requirement for certain types (that is, Construction). Bid bonds (usually 10% of the bid amount as per the terms and conditions of the solicitation) are active for a short period of time, usually no longer than 90 days. The bid bond guarantees that the vendor will not withdraw his/her bid during the evaluation/award process. Since bid bonds have a short life, they are not returned to the unsuccessful bidders at time of award. Performance and Payment bonds are submitted prior to award and remain in effect throughout the life of the procurement. Allowable Bond Types are set up on the Bond Type table.
A link to this page is provided in the Transactions tab of the Procurement Management page when the user has selected the Post Award State from the Available States tab. You can also transition back to the Procurement Management page from the Procurement Bond (PBOND) page by clicking on the Procurement Management link.
Note: Historical records (Historical Procurement Folder field is set to Yes) are hidden, by default, when opening this page. Historical records are only displayed, if the Historical Procurement Folder field on the search window has been set to blank or Yes. If the Historical Procurement Folder search field is set to No, then all historical records are hidden. Records are set to historical as a result of running the Procurement Folder Historical Update process.
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