11-BID BOND TEMPLATE.pdf
PDF 73 KB Posted
- Attached to
- IFB - SLICK ROCK SUBSTATION CONSTRUCTION
- Solicitation number
- 26-283
- Issued by
- Washington County, Utah
About this file
This is a Bid Bond template document issued by the City of St. George, Utah, for the Slick Rock Substation Construction project. The bid bond serves as a financial guarantee that accompanies the contractor's bid submission and ensures the bidder's commitment to execute the project contract if awarded. The bond names the City of St. George as the obligee and must be issued by a surety company licensed to conduct business in the State of Utah and approved by the city. The bond becomes void if the bid is rejected or if the principal accepts the contract award, executes the required contract documents, and furnishes the mandated performance and payment bonds. The template includes provisions protecting the surety from liability beyond the penal amount specified and waiving notice requirements for any extensions granted by the city for bid acceptance.
The bid bond amount is established at 5 percent of the total bid price, with the specific dollar amount to be inserted by the bidding contractor. Surety companies executing bonds must appear on the U.S. Treasury Department's most current list (Circular 570 as amended) and maintain authorization to transact business in Utah. In addition to the 5 percent bid bond, the selected contractor will be required to furnish 100 percent payment and performance bonds prior to contract execution. The City of St. George reserves the right to reject any or all proposals and to waive any formality or technicality in the proposal evaluation process. The template was approved by the city's legal department 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: |
| Bid Number: |
File details come from the government source that posted it. Updated .