04 -ITB Bid Bond Form.pdf
PDF 13 KB Posted
- Attached to
- ITB# 26-15 Roofing Contractor Package #1
- Solicitation number
- 26-15
- Issued by
- Boulder County, Lakewood City, Colorado
About this file
This document is a Bid Bond issued by Boulder Valley School District RE2 in Boulder, Colorado. The Bid Bond serves as a proposal guarantee for a construction project, requiring the Principal (the bidder) to provide a financial guarantee of 10% of their total bid price. If awarded the contract, the Principal must enter into a formal contract and provide a performance bond that secures the terms of the contract and ensures prompt payment for labor and materials.
The bond stipulates that if the Principal fails to fulfill the contract requirements, the Surety (the bonding company) will pay the difference between the Principal's bid and the amount the Obligee (Boulder Valley School District) contracts with another party to complete the work. The Surety's liability is limited to the penal sum of the bond, which is 10% of the total bid price. The document includes provisions for time extensions and requires a Power of Attorney to be submitted with the bond, demonstrating the legal and financial safeguards typical in public construction procurement processes.
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Text version
D7/REV 4/99
BOULDER VALLEY SCHOOL DISTRICT RE2
Boulder, Colorado
BID BOND
KNOW ALL MEN BY THESE PRESENTS that of ,as Principal, and , a Corporation duly organized under the laws of the State of , and authorized to transact business in the State of Colorado, as Surety, are held and firmly bound unto the BOULDER VALLEY SCHOOL DISTRICT NO. RE2, Boulder, Colorado, as Obligee, in the full and just sum of ten percent (10%) of the Principal's total bid price, lawful money of the United States, for the payment of which sum, well and truly to be made, the Principal and the Surety bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the said Principal is herewith submitting its proposal for the construction of , and
WHEREAS, the Obligee has required that said proposal be accompanied by a Proposal Guarantee in an amount not less than ten percent (10%) of the Principal's total bid price in fulfillment of which requirements this Bid Bond is made, executed and delivered.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that if the aforesaid Principal shall be awarded the Contract, the said Principal will, within the time required, enter into a formal contract and give a good and sufficient bond to secure the performance of the terms and conditions of the Contract, and for the prompt payment of labor and material furnished in the prosecution thereof, then this obligation to be void; otherwise the Principal and Surety will pay unto the Obligee the difference in money between the amount of the bid of the said Principal and amount for which the Obligee legally contracts with another party to perform the work if the latter amount be in excess of the former; in no event shall the Surety's liability exceed the penal sum thereof. The Surety, for value received, hereby stipulates and agrees that the obligation of said Surety and its bond shall in no way be impaired or affected by any extension of the time within which the Obligee may accept such bid, and said Surety does hereby waive notice of any such extension.
Signed, sealed and (Date)
(SEAL)
Witness to the Principal
(SEAL)
This Bond must be accompanied by a Power of Attorney.
END OF BID BOND
File details come from the government source that posted it. Updated .