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Section 3_1-112. BidBond's on Construction Conffrac%s.. <br /> Except in 'cases of emergency, all bids or proposals-for- <br /> consu~u~t contracts' in excess of ~enty-five Thousand <br /> dS 00~ <br /> %.25~u .... Dollars shall be accompanied by a bid bond from <br /> a suret~ company.selected by the bidder which is legally <br /> authorize~ to do business.in Virginia, as a guarantee that <br /> 'if the contract is awarded to such bidder, that bidder will <br /> enter ~o the contract for the work specified in the bid. <br /> The ai~unt of the bid bond shall not exceed five percent (5%) <br /> of the ..... nut of the-bid. Bid bonds may be requ_rea for <br /> construction'contracts of ~enty-five Thousand ($25,000.) <br /> Dollar~ or less in the discretion of the purchasing agent. <br /> <br /> " h <br /> No forfeiture ~der a bid bond shallexceee t e lesser <br /> of (m) mn~ difference between the bid for which the bond was <br /> wrmtten and the nex~ low bid~ or (mm) the face amount of the <br /> <br /> .Section ~±-11~. Bonds for 'o~her than ~onstruc[ion 2on, facts. <br /> <br />.....At ~h~ dms~re,__on' ~ ~ ' ~f.the purchasing agent, bidders may. be <br /> require~ to submit %~ith their bid a bond, or certified check, <br /> in an amount to be determined by the purchasing agent and <br /> specified in the invitation to bid, which shall be forfeited <br /> to the <br /> ~zuy of Portsmouth as,liquidated damages upon the <br /> bidders f~{!ure to execute a con~racu awarded to him or upon <br /> -the bme~.e.~s failure to. furnish any required performance or <br /> ,-palrmena b0i'~ds ~in connection with a contract awarded to him. <br /> <br /> '"" The purc~asifig <br /> <br />days a{her the award. <br /> <br /> agent may require.successful bidders"to <br /> furnish ~ performance bond/and/or a payment bond at the expense <br /> of the sllc~essfu! bidder, ~n amounts %o be determined by <br /> · .- : purcha~-.j agent and specified in the invitation tO bid, to <br /> -.---'.,'~ensure the satisfactory completion of the work for which the <br /> . . :, contract or purchaseorder is a ardea..: .:, : i!4: ..... ':"<:" ' "':.:>"- <br />-: ..,... ,- ,":"'" .... :fnen deemed necessary by the purchasing sgen:: bid <br /> <br /> . . ,.. deposit shall be prescribed in the public notice inviting <br /> '-'.. bids. Unsuccessful bidders shall be entitled to return of <br /> ..': surety when the purchasing agent has required such..- A ::' . <br /> '-<"' ! success~u! bidder shall forfeit any surety required by the <br /> - purchasing agent Upon failure on his part to enter a contract <br /> <br /> <br />