Nevada Revised Statutes 332.105 – Bonds
1. A performance bond, payment bond or any other bond or combination thereof, with sufficient surety, in such amount as may be determined necessary by the governing body or its authorized representative, may be required of each responding offeror on a particular contract.
Terms Used In Nevada Revised Statutes 332.105
- Authorized representative: means a person designated by the governing body to be responsible for the development, award and proper administration of all purchases and contracts for a local government or a department, division, agency, board or unit of a local government made pursuant to this chapter. See Nevada Revised Statutes 332.025
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Governing body: means the board, council, commission or other body in which the general legislative and fiscal powers of the local government are vested. See Nevada Revised Statutes 332.025
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- local government: means :
(a) Every political subdivision or other entity which has the right to levy or receive money from ad valorem taxes or other taxes or from any mandatory assessments, including counties, cities, towns, school districts and other districts organized pursuant to chapters 244, 318, 318A, 379, 450, 474, 539, 541, 543 and 555 of NRS. See Nevada Revised Statutes 332.015
- Responding offeror: means a person who responds to a solicitation made by a governing body or its authorized representative. See Nevada Revised Statutes 332.025
2. Any such bonds may be to insure proper performance of the contract and save, indemnify and keep harmless the local government against all loss, damages, claims, liabilities, judgments, costs and expenses which may accrue against the local government in consequence of the awarding of the contract.
3. If a local government requires such a bond, it shall not also require a detailed financial statement from each responding offeror on the contract.