Bid and performance guarantees.
Columbus City Codes § 329.14
in effect329.14 - Bid and performance guarantees.
(a) Construction Contracts. Each construction contract bid shall contain the full name of every person or company interested in the same and shall require a bid guarantee that if the bid is accepted a contract shall be executed. For construction contracts estimated to cost over $100,000.00 (One Hundred Thousand Dollars), the resulting contract shall require a performance and payment bond. Neither a performance bond nor a payment bond shall be required for construction contracts estimated to cost $100,000.00 (One Hundred Thousand Dollars) or under.
(1) The required type of bid guarantee shall be identified in the invitation for bid and may take the form of a bid or proposal bond, a certified or cashier's check drawn on a solvent bank, or a letter of credit pursuant to Chapter 1305 of the Ohio Revised Code. If a bid or performance and payment bond is required, the bid or performance and payment bond shall be issued by a guaranty company authorized to do so under the Ohio Revised Code or by a surety who is:
(a) A resident of this state;
(b) Worth, in the aggregate, double the sum to be secured, beyond the amount of their debts; and
(c) Have property liable to execution in the state equal to the sum to be secured.
(2) The bid guarantee shall be for a minimum ten percent (10%) of the bid amount and the performance and payment bond shall be for a minimum of fifty percent (50%) of the contract amount and as identified in the invitation for bid.
(b) Supply and Service Contracts. The finance and management director or designee, or city agency director or designee, may require bid and/or performance bonds or other adequate security to protect the city's interests on those supply and service contracts valued at over $100,000.00 (One Hundred Thousand Dollars). The city shall set forth any such guarantee requirements in the solicitation.
(1) If a bid or performance bond is required, the bid or performance bond shall be issued by a guaranty company authorized to do so under the Ohio Revised Code or by a surety who is:
(a) A resident of this state; and
(b) Worth, in the aggregate, double the sum to be secured, beyond the amount of their debts; and
(c) Have property liable to execution in the state equal to the sum to be secured.
(2) If a certified or cashier's check is required, it shall be drawn on a solvent bank. If a letter of credit is required, is shall be pursuant to Chapter 1305 of the Ohio Revised Code.
(Ord. No. 3062-2014, § 3, 12-15-2014; Ord. No. 1196-2015, § 2, 7-13-15; Ord. No. 3023-2017, § 1(Att.), 12-11-2017; Ord. No. 2074-2021, § 2, 7-26-2021; Ord. No. 1823-2022, § 1, 7-11-2022)
Source: City of Columbus, City Codes and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/oh/columbus/codes/code_of_ordinances?nodeId=TIT3FITACO_CH329PRGOSEALPR_329.14BIPEGUFetched: 10/27/2026