11-11 Bid Bond.pdf
PDF 12 KB Posted
- Solicitation number
- 27000006
- Issued by
- Mason County, Texas
About this file
This is a Bid Bond form for the City of Midland, Texas, applicable to the Road Runner Course renovation project at The Courses at Hogan Park. The bid bond serves as a guarantee that the Principal (bidding contractor) will enter into the written contract if awarded and will furnish the required Performance Bond and Payment Bond. The form is a standardized template revised March 30, 2011, designed to be completed with specific project details, principal contractor information, surety company details, and bond amount. The bond obligates the Principal and Surety jointly and severally to the City of Midland for the faithful performance of contract obligations.
The bid bond establishes liquidated damages provisions requiring the full bond amount to be forfeited if the Principal withdraws its bid after opening and before official rejection, or if the Principal fails to enter into the contract and provide satisfactory Performance and Payment Bonds upon successful bid award. Venue for any legal action arising from the bond is established in Midland County, Texas. The form requires execution by authorized representatives of both the Principal and Surety with their respective addresses, approval as to form by the City Attorney, and attachment of a Power of Attorney documenting the Surety's authority to execute the bond.
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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 .