Nevada Revised Statutes 333.360 – Performance bonds; Administrator of Purchasing Division may require check or bond before entering into contract
Current as of: 2023 | Check for updates
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1. A bond furnished by a surety company authorized to do business in this state may be required by the Administrator for the proper performance of the contract. The Administrator may request a certified check, cashier’s check or bond, in an amount not to exceed the total amount of the contract, before entering into a contract with a person who submits a successful bid or proposal.
Terms Used In Nevada Revised Statutes 333.360
- Administrator: means the Administrator of the Purchasing Division. See Nevada Revised Statutes 333.020
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. No division or department of the State is liable for any expense incurred by or loss of income sustained by any person because of a request made pursuant to subsection 1.