1-BID BOND TEMPLATE.pdf
PDF 72 KB Posted
- Attached to
- IFB - 250 WEST RECONSTRUCTION
- Solicitation number
- 26-284
- Issued by
- Washington County, Utah
About this file
This is a Bid Bond Template document for the City of St. George, Utah, related to an Invitation for Bid (IFB) for 250 West Street Reconstruction from Blackridge Drive to Tech Ridge Parkway (Bid Number 26-284). The bid bond serves as a financial guarantee that a bidder will execute a written contract if their bid is accepted. The bond remains in force if the bid is rejected or if the principal executes the contract, furnishes a performance and labor/materials payment bond, and performs all obligations resulting from bid acceptance. The template establishes that the City of St. George is the obligee, and all surety companies executing bonds must appear on the U.S. Treasury Department's current Circular 570 list and be authorized to transact business in Utah.
The bid bond amount is set at 5% of the submitted bid value. Bidders are required to obtain this bond from a surety company licensed to do business in the State of Utah and must use a bond form acceptable to the City of St. George. In addition to the bid bond, 100% payment and performance bonds will be required upon contract award. The City of St. George reserves the right to reject any or all proposals or waive any formality or technicality in any proposal in its interest. The bond document was approved by Legal in May 2024.
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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: 250 West Reconstruction (Blackridge Dr to Tech Ridge Parkway |
| Bid Number: 26-284 |
File details come from the government source that posted it. Updated .