1-BID BOND TEMPLATE.pdf
PDF 73 KB Posted
- Attached to
- IFB - ST GEORGE INDUSTRIAL 2 MG TANK PROJECT
- Solicitation number
- 24-180
- Issued by
- Washington County, Utah
About this file
This document is a Bid Bond for a project by The City of St. George, which serves as a legal instrument to guarantee a bidder's commitment to a potential construction contract. The bond outlines the conditions under which the principal (bidder) and surety are financially liable, specifically if the bid is accepted, the principal must execute the contract, provide a performance bond, and ensure payment to labor and material suppliers. The document provides a standard legal framework for protecting the city's interests during the bidding and contract initiation process.
The Bid Bond requires the surety company to be listed on the Treasury Department's current Circular 570 and authorized to conduct business in the state where the project is located. While specific project details are not completed in this template document, the bond establishes that the surety's liability is limited to the penal sum specified in the document, and that the surety waives notice of any time extensions the city might grant for bid acceptance. The form was approved by legal counsel in May 2024 and provides a standardized mechanism for financial assurance in municipal construction procurement.
View the file
Other files
Show all 11
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
BID BOND
Project Name:
Inquiry No.
KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, as
Principal, and as Surety, are hereby held and firmly bound unto The City of St. George in the penal sum of for the payment of which, well and truly to be made, we hereby jointly and severally bind ourselves, successors and assigns.
Signed, this day of , 20 . The Condition of the above obligation is such that whereas the Principal has submitted to a certain BID, attached hereto and hereby made a part hereof to enter into a contract in writing, for the construction of the above-named project.
NOW, THEREFORE,
(a) If said BID shall be rejected, or
(b) If said BID shall be accepted and the Principal shall execute and deliver a contract in the Form of
Contract attached hereto (properly completed in accordance with said BID) and shall furnish a
BOND for his faithful performance of said contract, and for the payment of all persons performing labor or furnishing materials in connection therewith, and shall in all other respects perform the agreement created by the acceptance of said BID, THEN this obligation shall be void, otherwise the same shall remain in force and effect; it being expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated.
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 any extension of the time within which the CITY may accept such BID; and said Surety does hereby waive notice of any such extension.
Form approved by Legal May, 2024 Page 18 of 54
IN WITNESS WHEREOF, the Principal and the Surety have hereunto set their hands and seals, and such of them as are corporations have caused their corporate seals to be hereto affixed and these presents to be signed by their proper officers, the day and year first set forth above.
Principal
Surety
By:
IMPORTANT - Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the state where the project is located.
| Principal: |
| By: |
| undefined: |
| 1: |
| 2: |
| Month: |
| Year: |
| Day: |
| Bond Company: |
| City of St: |
| George: |
| Name of Bidder: |
| 5% of Bid: |
| Project Name: |
| Bid Number: |
File details come from the government source that posted it. Updated .