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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 8. HIGHER EDUCATION |
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SubTilte 8-B. UNIVERSITY OF THE DISTRICT OF COLUMBIA |
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Chapter 8-B30. UNIVERSITY PROCUREMENT RULES |
Section 8-B3051. PERFORMANCE AND PAYMENT SECURITY
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3051.1The CCO shall require a contractor to furnish performance and payment bonds or other security on any construction contract when the University’s independent cost estimate exceeds one hundred thousand dollars ($100,000). Performance or payment bonds (or other securities) shall be submitted by the deadline stated in the solicitation.
3051.2The CCO may require a contractor to furnish a payment or performance bond or other security for any construction or non-construction contract, regardless of amount, when the CCO determines that the security is necessary to protect the University’s interests.
3051.3The amount of the performance security shall be one hundred percent (100%) of the original contract price, unless the CCO determines that a lesser amount or percentage would be adequate to protect the University. The bidder or offeror shall furnish the security to the CCO as prescribed by this section.
3051.4The CCO shall require additional performance security when a contract price is increased. The increase in performance security shall equal one hundred percent (100%) of the increase in the contract price, unless the CCO determines that a lesser amount or percentage is adequate to protect the University’s interests.
3051.5When a contract is modified pursuant to the changes clause, the CCO may require additional performance security or payment security from the contractor in an amount determined reasonable by the CCO. If no performance or payment security was required, the CCO may require performance or payment security in an amount the CCO determines reasonable.
3051.6The payment security shall be in an amount of not less than fifty percent (50%) of the total amount of the contract price.
3051.7When a contract price is increased, the University may require additional payment security in an amount adequate to protect suppliers of labor material. However, in no event shall the amount of payment security fall below fifty percent (50%) of the increased contract price.
3051.8When performance or payment security is required, the solicitation shall contain the following:
(a) A statement that security is required;
(b) The amount of the security expressed as a fixed amount or percentage of the contract price; and
(c) The deadline for submitting the required security.