R-7, r. 1 - Regulation respecting leases and leasing and concession contracts of the Régie des installations olympiques

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9. The instructions given to tenderers must include a notice to the effect that:
(a)  the tenderer must provide a guarantee with his tender where the estimated annual turnover of the concession is more than $50,000; that guarantee may:
i.  be a lump sum equal to or more than 5% of the probable turnover if the guarantee is issued by a company authorized to become surety under the Guarantee Companies Act (chapter C-43); or
ii.  a lump sum equal to or more than 2 1/2% of the probable turnover, up to an amount of $100,000, if the guarantee is a certified cheque issued by a Canadian chartered bank or a trust union in Québec and made out to the order of the Board;
(b)  the tenderer whose tender has been accepted must, before the signing of the concession contract of which the estimated annual turnover is greater than $50,000, provide a guarantee of execution equivalent to the amount of the tender guarantee required in paragraph a;
(c)  the tenderer, in the event of failing to sign a contract in conformity with his tender or to provide the guarantee of execution required within 15 days of the date of acceptance, shall be required to pay to the owner a sum of money representing the difference between the amount of his tender and that of the subsequent tender accepted by the Board, which sum being, however, limited to the amount of the tender guarantee fixed in the calls for tenders where applicable.
R.R.Q., 1981, c. R-7, r. 1, s. 9.
The Guarantee Companies Act (chapter C-43) is repealed (1988, chapter 27, s. 1).