Are bid deposits and/or Performance Bonds required?
Bid bonds, and payment and performance bonds are routinely requested on most bids exceeding $15,000 in value. The bid/proposal documents will detail the requirements. A cash deposit, certified check, cashiers check, Certificate of Deposit, or money order made payable to the City of Titusville and referencing the solicitation number, OR a satisfactory bid bond executed by the bidder and surety company acceptable to the City, must be submitted with the bid and in an amount equal to 5% of the bid or an amount as detailed in the specification. Company or personal checks are not acceptable. In the event a bidder is awarded all or any portion of the bid, the 5% bid bond will be returned after the bidder satisfactorily submits payment and performance bonding equal to 100% of the total bid/proposal amount or other bond, in other amount, as required by the bid/proposal documents. Should the bidder fail or refuse to enter into a contract with the City in the event any portion of the proposal of
