§ 2-407. Check, bond or irrevocable letter of credit to accompany bid.
A. A bidder on a contract involving construction, repair, or maintenance shall accompany the bid with:
1. A certified check, cashier’s check or bid bond equal to five percent (5%) of the bid, which shall be deposited with the Procurement Officer as a guaranty; or
2. An irrevocable letter of credit issued by a financial institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation for the benefit of the Osage Nation, on behalf of the bidder, in an amount equal to ten percent (10%) of the bid. The Procurement Officer shall deposit the irrevocable letter of credit with the Treasurer of the Osage Nation.
B. The amount of the bid deposit shall be forfeited to the Osage Nation Treasurer in the event the successful bidder fails to execute the contract or fails to provide the required bonds or irrevocable letters of credit and insurance to the Procurement Officer. If the bidder is able to show an excusable bidding error, the Procurement Officer has discretion to not enforce the bid security.
C. The Osage Nation Treasurer shall, upon receipt of notice from the Procurement Officer, return a certified or cashier’s check, bid bond, or irrevocable letter of credit to the successful bidder on execution and delivery of the contract and required bonds or irrevocable letters of credit and insurance. Checks of unsuccessful bidders shall be returned to them in accordance with the terms of the bid solicitation. ONCA 07-57, eff. Apr. 18, 2008; ONCA 14-31, eff. May 30, 2014; ONCA 16-06, eff. Dec. 22, 2015; ONCA 21-28, eff. Apr. 26, 2021.