12-09 BIDBOND.pdf
PDF 12 KB Posted
- Attached to
- 27000008 Todd Drive Waterline Extension Phase 2
- Solicitation number
- 27000008
- Issued by
- Mason County, Texas
About this file
This is a bid bond document related to a construction contract for the Todd Drive Waterline Extension Phase 2 project in Texas. The bid bond serves as a guarantee that the bidder will execute a formal contract if awarded and will provide the required performance and payment bonds. The document establishes the bidder's commitment to the project and protects the government entity from financial loss if the winning bidder fails to proceed with the contract execution or meet its contractual obligations.
The bid bond requires the bidder to submit a specified bond amount as security during the bidding process. The bond must be maintained throughout the bid period and remain valid until the contractor furnishes the required performance and payment bonds following contract award. If the bidder is selected for the project but fails to enter into the construction contract or defaults on its obligations, the bid bond can be forfeited. The document outlines the conditions under which the bond may be called, including non-performance or failure to provide the mandated surety bonds within the specified timeframe after award notification.
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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 .