12-10 Exhibit C.pdf

This document contains bonding requirements and standardized bond forms for a contract with the City of Midland, Texas. The bonding requirements specify that for bids exceeding $50,000, the successful bidder must furnish a Performance & Payment Bond equal to 100% of the total contract price, executed by a Corporate Surety authorized to do business in Texas. A bid guaranty of 5% of the largest possible bid must accompany the proposal, which will be forfeited if the bidder fails to enter the contract and execute required bonds within 15 days of contract award.

The document provides three standard bond forms: Bid Bond, Payment Bond, and Performance Bond, each of which must name the City of Midland as Obligee. As an alternative to traditional performance and payment bonds, the city will accept a cash security such as a cashier's check or irrevocable letter of credit for 100% of the contract amount. These bonds and security measures are designed to protect the city's interests by ensuring contract performance, payment to subcontractors and suppliers, and providing financial recourse in case of contractor default.