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§ 1.07.100 — Proposal security

Riverside Municipal Code (Supp. No. 33: codified through Ordinance No. 7776, enacted June 23, 2026) · Riverside Municipal Code § 1.07.100

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1.07.100 - Proposal security.

All proposals shall be accompanied by a cashier's check or certified check made payable to the City of Riverside, or a bidder's bond executed by a surety admitted to engage in such business in the State of California, for an amount equal to ten percent of the amount of the proposal and no Proposal shall be considered unless such proposal guarantee is properly enclosed therewith. The proposal guarantee shall be forfeited if the proposal is withdrawn beyond the deadline set forth in the RFP, or if the proposal is accepted but the Design-Build Entity fails to execute the Design-Build contract.

(Ord. 6830 § 1, 2005)