Are there Bond and/or Insurance requirements when submitting bids to the Township?
For most purchases valued over $10,000, a formal bid process is required (advertising, public bid opening and contract award). In these instances, a bid security equaling 10% of the bid amount is required and must accompany the bid. The bid security can be in the form of a Bid Bond, Treasurer’s Check or Certified Check. For Goods and Equipment, the successful bidder will be required to submit an Insurance Certificate and a Performance Bond. For Construction projects, the successful bidder will be required to submit a Performance Bond, Labor and Materials Bond and a two (2) year Maintenance Bond.
