10-008 BIDBOND.pdf
PDF 12 KB Posted
- Attached to
- 26003613 Scharbauer Auxiliary Fields 5 & 6
- Solicitation number
- 26003613
- Issued by
- Mason County, Texas
About this file
This is a Bid Bond form issued by the City of Midland, Texas for use in connection with the Scharbauer Auxiliary Fields 5 & 6 project, which involves the construction of two auxiliary football/soccer fields at the Scharbauer Sports Complex. The project encompasses all labor, materials, and equipment necessary for site preparation, demolition, grading, drainage, utilities, parking, concrete, fencing, and irrigation work in accordance with project plans, specifications, and contract documents. The form serves as a standardized template for bidders to provide financial security with their bid submissions.
The Bid Bond requires bidders to identify a principal and surety entity, with the bond amount to be completed by the bidder based on the contract value. The bond protects the City of Midland by ensuring bidder performance and accountability. Specifically, if a bidder withdraws its bid after opening but before official rejection, or if the successful bidder fails to execute the contract and provide satisfactory Performance and Payment Bonds, the City is entitled to collect the full bond amount as liquidated damages. The form requires execution by both principal and surety, along with a power of attorney attachment and approval from the City Attorney. Venue for any legal action related to the bond is established in Midland County, Texas.
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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 .