125.50 Bond may be required with bid. - Ohio Statutes

125.50 Bond may be required with bid.

If such a bond is required by the department of administrative services, a proposal for a state printing term contract shall be accompanied by a bond to the state in a sum specified in the invitation to bid, satisfactory to the department, executed by the bidder, with one corporate or two personal sureties to the satisfaction of the department of administrative services, conditioned for the faithful performance of such classes of printing as may be awarded the bidder, and for the payment by the bidder to the state as liquidated damages of any excess of cost over the bid, which the state may be obliged to pay for such work by failure to complete the contract. A bid unaccompanied by such bond shall not be considered, and such bond shall be void if no contract is awarded the bidder.

Effective Date: 10-25-1995