1-06 Bid Bond.pdf

BID BOND

STATE OF TEXAS )

COUNTY OF COLLIN )

KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, _______________________, whose address is __________________________________ , hereinafter called Principal, and ______________________________, a corporation organized and existing under the laws of the State of ______________________________, and fully licensed to transact business in the State of Texas, as Surety, are held and firmly bound unto the City of McKinney, a home-rule municipal corporation organized and existing under the laws of the State of Texas, hereinafter referred to as “Owner,” in the penal sum of $__________________as the proper measure of liquidated damages arising out of or connected with the submission of a Bid Proposal for the construction of a public work project, in lawful money of the United States, to be paid in Collin County, Texas, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors jointly and severally, firmly by these presents. The condition of the above obligation is such that whereas the Principal has submitted to Owner a certain Bid Proposal, attached hereto and hereby made a part hereof, to enter into a contract in writing, for the ________________________________________________________________ (the “Project”).

NOW, THEREFORE, if the Principal’s Proposal shall be rejected or, in the alternative, if the Principal’s Proposal shall be accepted and the Principal shall execute and deliver a contract in the form of the Contract attached hereto (properly completed in accordance with said Proposal) and shall furnish performance, payment and maintenance bonds required by the Contract Documents for the Project and provide proof of all required insurance coverages for the Project and shall in all other respects perform the agreement created by the acceptance of said Proposal, then this obligation shall be void, otherwise the same shall remain in force and affect; it being expressly understood and agreed that the liability of the Surety for any breech of condition hereunder shall be in the face amount of this bond and forfeited as a proper measure of liquidated damages.

PROVIDED FURTHER, that if any legal action were filed on this Bond, exclusive Venue shall lie in Collin County, Texas.

AND PROVIDED FURTHER, the Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be in no way impaired or affected by an extension of the time within which the Owner may accept such Proposal; and said Surety does hereby waive notice of any such extension.

The undersigned and designated agent is hereby designated by the Surety herein as the Resident Agent in Collin County or Dallas County to whom any requisite notices may be delivered and on whom service of process may be had in matters arising out of such suretyship, as provided by Article 7.19-1 of the Insurance Code, Vernon’s Annotated Civil Statutes of the State of Texas.

IN WITNESS WHEREOF, this instrument is executed in ______ copies, each one of which shall be deemed an original, this, the ________ day of ________________, 20____.

ATTEST: PRINCIPAL:

Company Name

By: _________________________________ By: ________________________________ Signature Signature Typed/Printed Name Typed/Printed Name Title Title Address Address City State Zip City State Zip Phone Fax Phone Fax

ATTEST: SURETY:

By: _________________________________ By: ________________________________ Signature Signature Printed Name Printed Name Title Title Address Address City State Zip City State Zip Phone Fax Phone Fax

The Resident Agent of the Surety in Collin County or Dallas County, Texas, for delivery of notice and service of the process is:

NAME:

STREET ADDRESS:

CITY, STATE, ZIP:

NOTE: If Resident Agent is not a corporation, give a person’s name.

BID BOND