Bonds & Retainage
Each solicitation issued by the Contract and Analysis Services (CAS) office describes the requirements vendors are expected to meet, such as:
- Specific performance standards for the commodity, service, or project
- A set of general terms and conditions that apply to all contracts
- And more...
Bid bonds are required to assure that the successful bidder will:
- Sign a contract according to the bid specifications at the price offered
- Supply any performance bonds, insurance, or other documents required by law or the specification
Saint Paul and Ramsey County typically require a bid bond for projects of $50,000 or more.
Performance & Payment Bonds
The Minnesota Statute Section 574.26 - Contractors' Bonds for Public Work
requires performance and payment bonds to be posted for any contract on a public work in the amount of $75,000 or more. Bonds may be required for contracts of less than that amount, but are discretionary.
Saint Paul and Ramsey County will accept three forms of securities:
- A performance and payment bond
- An irrevocable Letter of Credit
- A Cashier's Check (made payable to Saint Paul or Ramsey County)
Prompt Payment to Subcontractors
Vendors who have questions about the requirements on a specific bid or Request for Proposal RFP) should contact the buyer referenced on the bid / RFP cover form.