When is it necessary to submit a Performance Bond for Miami Dade Public Housing agency projects?
This is applicable for all construction projects of $100,000or more, whether the development of modernization, funded pursuant to the U.S. Housing Act of 1937, as amended. As a result, the contracts for all construction projects shall be required to submit the following bid and contract guarantees. • A bid guarantee from each bidder, equivalent to 5% of the bid price, and one of the following: • A performance and payment bond for 100% of the contract price; • Separate payment and performance bonds each for 50% or more of the contract price; • A 20% cash escrow; or • A 25% irrevocable letter of credit.
