1-Surety - P P No bid bond.pdf
PDF 74 KB Posted
- Solicitation number
- 26-0049-2
- Issued by
- Chatham County, Georgia
About this file
This is a surety requirements document for Chatham County, Georgia, outlining bonding obligations for bidders and contractors on the Design, Provide, and Install Playground Equipment project at Charles C. Brooks Park Complex. The document establishes that bidders must submit a bid bond, certified check, or money order equal to 5% of the bid price, payable to the Chatham County Finance Department and delivered to the Purchasing and Contracting Office prior to bid submission. If awarded the contract, the contractor must post a payment and performance bond in the amount of 100% of the contract price prior to contract execution to guarantee that goods meet specifications, delivery occurs per contract terms, quality service is performed, and timely payment is made to subcontractors.
All bonds must be executed by a surety authorized to conduct business in Georgia and approved by Chatham County. The performance bond guarantees faithful execution and fulfillment of contract terms within the prescribed timeframe, while the payment bond protects all subcontractors and suppliers of labor, materials, machinery, and equipment. Failure to execute and fulfill contract terms results in forfeiture of the performance bond; failure to enter into the contract with Chatham County forfeits the bid bond. Proposers acknowledge Chatham County's right to require performance and payment bonds of a specific kind and origin as deemed necessary.
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Text version
CHATHAM COUNTY, GEORGIA
SURETY REQUIREMENTS
A. Such bidder shall post a bid bond, certified check or money order made payable to the Chatham County Finance Department in the amount of 5% of the bid price. Certified check must be delivered to the Purchasing and
Contracting Office prior to submitting bid.
X B. Contractor(s) shall post a payment/performance bond, certified check or money order made payable to the Chatham County Finance Department in the amount of 100% of the contract price if awarded the purchase. Such bond(s) are due prior to contract execution as a guarantee that goods meet specifications and will be delivered per contract. Such bonds will also guarantee quality performance of services and timely payment of invoices to any subcontractors.
X C. Whenever a bond is provided, it shall be executed by a surety authorized to do business in the State of Georgia and approved by Chatham County.
X D. Proposer acknowledges Chatham County’s right to require a Performance and Payment Bond of a specific kind and origin. Performance Bond means a bond with good and sufficient surety or sprites for the faithful performance of the contract and to indemnify the governmental entity for any damages occasioned by a failure to perform the same within the prescribed time. Such bond shall be payable to, in favor of, and for the protection of the governmental entity for which the work is to be done. Payment Bond means a bond with good and sufficient surety or sureties payable to the governmental entity for which the work is to be done and intended for the use and protection of all subcontractors and all persons supplying labor, materials, machinery, and equipment in the prosecution of the work provided for in the public works construction contract. Performance Bond shall be forfeited if he/she fails to execute and fulfill the terms of the contract entered.
E. Forfeit the amount of the Bid Bond if he/she fails to enter into a contract with Chatham County to do and/or furnish everything necessary to provide service and/or accomplish the work stated and/or specified in this bid proposal for the bid amount.
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