1-008 BIDBOND.pdf
PDF 12 KB Posted
- Attached to
- 25006665 RFP Beal Park Phase ll
- Solicitation number
- 25006665
- Issued by
- Mason County, Texas
About this file
This is a bid bond form template for the City of Midland, Texas, a home rule municipal corporation located in Midland County, Texas. The form is designed to be completed by contractors (Principal) and their surety companies when submitting bids or proposals for municipal contracts, though no specific project details, services, quantities, or dates are provided in this blank template form. The document requires the principal to enter into a written contract if their bid is successful and mandates the provision of satisfactory Performance Bond and Payment Bond upon contract award.
The bid bond serves as financial protection for the City of Midland, allowing them to collect the full bond amount as liquidated damages if the successful bidder withdraws their bid after opening or fails to enter into the contract and provide required bonds. The form requires completion of the bond amount in dollars, identification of the principal contractor and surety company, signature lines for both parties with their addresses, approval by the City Attorney, and attachment of a Power of Attorney. Legal venue for any actions filed on this bond is established in Midland County, Texas, and the form was last revised on March 30, 2011.
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Text version
FORM\BIDBOND.FRM REVISED: March 30, 2011
BID BOND
THE STATE OF TEXAS §
SURETY NO. ______________________
COUNTY OF MIDLAND §
KNOW ALL MEN BY THESE PRESENTS, THAT ___________________________________________
(hereinafter called the Principal), as Principal, and _______________________________________________
(hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Midland, Texas a home rule municipal corporation of Midland County, Texas, (hereinafter called the Obligee), in the amount of _________________
_______________________________________________________________________________________ DOLLARS
($____________________), for the payment whereof the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has submitted a Bid or Proposal to enter into a certain written Contract with the obligee to_________________________________________________________________________________________
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully enter into such written Contract, then this obligation shall be void; otherwise to remain in full force and effect.
IT IS EXPRESSLY UNDERSTOOD AND AGREED that if said Principal should withdraw its Bid anytime after such Bid is opened and before official rejection to such Bid or, if successful in securing the award thereof, said
Principal should fail to enter into the Contract and furnish satisfactory Performance Bond and Payment Bond, the
Obligee, in either such events, shall be entitled and is hereby given the right to collect the full amount of this Bid Bond as liquidated damages.
PROVIDED, further that if any legal action be filed upon this Bond venue shall lie in Midland County, Texas
IN WITNESS THEREOF, THE SAID PRINCIPAL AND SURETY do sign and seal this instrument, this
________________ day of ___________________, 20____.
Principal Surety
By ___________________________________ By ____________________________________
Address ______________________________ Address _______________________________
APPROVED AS TO FORM:
City Attorney
NOTE: ATTACH POWER OF ATTORNEY
File details come from the government source that posted it. Updated .