10-10 EXHIBIT E - Security Bond.docx
DOCX document 26 KB Posted
- Solicitation number
- RFP-CMR1611-260005
- Issued by
- Travis County, Austin City, Texas
About this file
This is a Security Bond exhibit document for The University of Texas System's Board of Regents related to Capital Planning and Construction Project No. 102-1611 for the Dell Medical Center at Austin, Texas Enabling Central Utility Plant and Infrastructure. The document establishes the bonding requirements for a Construction Manager-at-Risk selection process. The security bond serves as a guarantee that the selected principal contractor will execute a Guaranteed Maximum Price (GMP) proposal acceptable to all parties and will provide required Performance and Payment Bonds within the timeframe specified in the contract to secure performance of the contract terms and conditions.
The security bond is set at five percent (5%) of the Guaranteed Maximum Price for the project, with both the principal and surety jointly and severally liable for fulfillment of obligations. The bond's condition provides that if the principal fails to deliver an acceptable GMP proposal or provide the required Performance and Payment Bonds, the obligee may recover the difference between the principal's proposed price and any higher amount for which the obligee must contract with another party to perform the work, provided such liability does not exceed the bond's penal sum. The bond requires execution by authorized representatives of both the principal contractor and surety with corporate seals affixed.
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Text version
EXHIBIT E
SECURITY BOND
Surety Bond No.
STATE OF TEXAS §
COUNTY OF §
KNOW ALL MEN BY THESE PRESENTS:
| That we, | , as Principal, and | |
| , as Surety, are hereby held and firmly bound unto The Board of Regents of The University of Texas System as Obligee in the penal sum of Five Percent (5%) of | ||
| ($ | ), the Guaranteed Maximum Price (GMP) for the Project defined herein below, for payment whereof the said Principal and Surety bind themselves, their heirs, executors, administrators, and successors, jointly and severally, firmly by these presents. |
Whereas the Principal has executed a contract, with Obligee for the use and benefit of
| , | ||
| , dated | , | (the “Contract”), for |
| , Project No. | , (the “Project”). |
NOW THEREFORE, the condition of this obligation is such that, if the aforesaid Principal shall execute a Guaranteed Maximum Price Proposal acceptable to all parties, the said Principal will, within the time required by the Contract, give Performance and Payment Bonds, as required by the Contract, to secure the performance of the terms and conditions of the Contract, then this obligation to be void; otherwise the Principal and surety will pay unto the Obligee the difference in money between the amount of the Guaranteed Maximum Price Proposal of the said Principal and the amount for which the Obligee legally contracts with another party to perform the work if the latter amount be in excess of the former, but in no event shall liability hereunder exceed the penal sum hereof.
IN WITNESS WHEREOF, the above bounden parties have executed this instrument under their several seals this day of in the year , the name and corporate seal of each corporate party being hereto affixed, and these presents duly signed by its undersigned representative pursuant to authority of its governing body.
(SEAL)
Principal
By:
(Typed Name and Title)
(SEAL)
Surety
By:
(Typed Name and Title)
Rev 7/14/2025 ems
File details come from the government source that posted it. Updated .