Topic: / Escrow Requirements for Contractor Bid Information (continued) / Page: / 1 of 2
Topic: / Escrow Requirements for Contractor Bid Information / Issued: / February 2004
Page: / 1 of 2 / Revised:
Audience: /
  • Construction Bidders
  • Construction Management
  • Capital Finance
  • University Purchasing
/ For more, see: / Standard Conditions of Contract for Construction, Instructions to Bidders subparagraph 7.3.8

Purpose

To establish procedures for receiving and storing bid information as required by the Standard Conditions of Contract for Construction, subparagraph IB 7.3.8.

Policies

  • For contracts totaling $2,000,000 or more, a bidder must submit all information used in calculating and preparing its bid. The information must be submitted within three days of the date shown on the University’s Notice of Intent to Award.
  • Brendamour Moving & Storage, a bonded document storage facility, is the University’s Escrow Agent and is authorized to receive and store bid information.
  • Bid information will be stored and made available for the University’s use in the event of any claim or litigation arising from the contract. “Bid information” is defined in subparagraph IB 7.3.8.2 of the Standard Conditions of Contract for Construction.
  • The following University staff members are authorized to view, take action, and issue instructions regarding the escrowed bid information:
  • Associate Vice President and Director of Construction Management
  • Director of Capital Finance and Reporting
  • Director of Business Operations
  • Senior Financial Analyst
  • Director of Purchasing
  • Senior Buyer
  • If the bidder fails to submit bid information within time allowed, the University may award the contract to the next lowest responsive and responsible bidder.

Process

  1. When a Notice of Intent to Award is prepared for any contract totaling $2,000,000 or more, the Senior Financial Analyst or designee faxes the Notice to the Escrow Agent (513-860-2177), indicating the bidder’s name, project name, project number, and quotation number.
  2. Within three days of the Notice of Intent to Award date, the bidder submits bid information and a completed “Bid Information Escrow Agreement and Affidavit” form to the University’s Escrow Agent. (The Escrow Agent’s address appears on the form.)
  • The bidder must place the bid information in a sealed envelope or container.
  • The envelope or container must bear the bidder’s name and address.
  • In the upper left corner of the container or envelope, the bidder must write “Bid Documentation,” the date of the submittal, and the project number.
  1. Upon receiving the bid information, the Escrow Agent notifies the University staff member identified on the cover sheet of the faxed Notice of Intent to Award.

If the Escrow Agent has not received the bid information by the third business day from the Notice of Intent to Award date, the Escrow Agent notifies the University staff member (by email) that the escrow documents have not arrived.

Note: The University will not enter into a contract with a bidder until bid information has been received. If the bidder fails to submit information within time allowed, the University reserves the right to award the contract to the next lowest responsive and responsible bidder.

  1. The Escrow Agent places the bid information in a padlocked storage container and deposits the container in its bonded document storage facility.
  2. The Escrow Agent electronically records and tracks the following information:
  • Contractor’s name
  • Project name and number
  • Quotation number
  • Date bid information was received
  • Dates of any written requests for release of information
  • Dates of any release of bid information (resulting from litigation, or at the end of the project)
  1. In the event of litigation, or at project closeout, an authorized University staff member (as defined under “Policies” above) submits a written request for the release of bid information.
  2. Upon receiving the University’s request, the Escrow Agent releases bid information to the authorized University staff member who requested it. Information must be released within one business day of receipt of the request.