The director may require, in accordance with rules adopted by the director, the submission of security to guarantee faithful bid and contract performance. In determining the amount and type of security required for each contract, the director shall consider the nature of the performance and the need for future protection to this state. The requirement for security must be included in the invitation for bids or request for proposals.

Terms Used In Arizona Laws 41-2542

  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means all types of state agreements, regardless of what they may be called, for the procurement of materials, services, construction, construction services or the disposal of materials. See Arizona Laws 41-2503
  • Director: means the director of the department of administration. See Arizona Laws 41-2503
  • Invitation for bids: means all documents, whether attached or incorporated by reference, which are used for soliciting bids in accordance with the procedures prescribed in section 41-2533. See Arizona Laws 41-2531
  • Request for proposals: means all documents, whether attached or incorporated by reference, which are used for soliciting proposals in accordance with procedures prescribed in section 41-2534. See Arizona Laws 41-2531

 

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