PURCHASERS must “qualify” under the terms of the contract within 30 days of contract award. To “qualify” a PURCHASER must submit the first payment, proof of insurance and an adequate performance bond, as stated in the Notice and in the contract documents. If a PURCHASER fails to “qualify” within the required 30 days, the STATE may retain any bid deposit submitted by PURCHASER as liquidated damages. In no event shall a PURCHASER be permitted to conduct operations under a contract prior to meeting the qualification requirements for that contract.

Statutory/Other Authority

ORS 526.041

Statutes/Other Implemented

ORS 530.050

History

FB 1-1997, f. 9-4-97, cert. ef. 1-1-98