Bonding Wording.docx

The document outlines the bonding requirements for bids exceeding $100,000 in value. It states that a bid guarantee of 5% of the bid price is needed, along with options for performance and payment bonds, cash escrow, or an irrevocable letter of credit upon award. It specifies that bonding companies must be listed in the Federal Register and licensed to do business in Tennessee. Additionally, the successful vendor must provide evidence of bonding all employees against theft and dishonesty.