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If a performance bond is required in the Invitation for Bid, the successful bidder’s security will be held until a performance bond in the amount stated in the Invitation for Bid is received by the Purchasing Division.
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It is the vendor’s responsibility to notify the Purchasing Division of any changes in its ownership, officers and/or address at the time the change occurs.
Failure to accept the contract and/or furnish the commodities or services offered will cause the amount of the bid security to revert to the City.