R916-3-8. Acceptable Bid Security; Performance and Payment Bonds

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  (1) The Executive Director, or designee, shall have authority to waive the requirement to provide bid security, or may reduce the amount of such security, if he or she determines that the bid security otherwise required by Part 11 of the Utah Procurement Code to be unnecessary to protect the State.

  (2) The Executive Director, or designee, shall have authority to reduce the amount of the payment and performance bonds below the 100% level required by Part 11 of the Utah Procurement Code if he or she determines that a 100% bond is unnecessary to protect the State.

  (3) Bid security, payment bonds and performance bonds must be provided on the forms included in the RFP.

                    
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