DOCUMENT

Resolution - NIGP Resolution 1015 Performance Bond Requirements 1995

  • YEAR CREATED: 1995
  • ENTITY TYPE: Authority: Other
  • TYPE OF DOCUMENT: POL - Policies/Procedures
The document is a resolution titled "Resolution 1015" regarding performance bonding requirements for public purchases. The resolution highlights that historically, performance bonds were mandated to ensure the completion of public projects and protect public funds when other protections were not available. However, the National Institute of Governmental Purchasing, Inc. has developed administrative methods to ensure contractor performance and secure public funds. The Model Procurement Code of the American Bar Association also establishes procedures and precautions for the expenditure of public funds. The resolution acknowledges that mandatory performance bonding requirements have limited the participation of small businesses and minority-owned businesses in public purchasing. Therefore, the National Institute of Governmental Purchasing, Inc. recommends rescinding the performance bonding requirements for public purchases and suggests that performance bonds should only be required when other nonrestrictive methods of protecting public funds are not feasible. The resolution was adopted by the Board of Directors of the National Institute of Governmental Purchasing at an official meeting on January 20, 1989. It was later reviewed and ratified by the Board of Directors on November 11, 1995. The certification is provided by J. E. Brinkman, CPPO, who serves as the Executive Vice President and Secretary of the National Institute of Governmental Purchasing.
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