15-06 - Bond Requirements and Retainage.pdf
PDF 149 KB Posted
- Solicitation number
- 26-74-B
- Issued by
- Denton County, Little Cypress CDP, Texas
About this file
This Bond Requirements and Retainage document pertains to the City of Lewisville Purchasing Division's Minor Housing Rehabilitation Program for HVAC repair and replacement services across 14 residential homes in Texas. The successful contractor must provide performance and payment bonds sourced from a surety licensed in Texas, with bond requirements and maintenance bond terms varying by project amount. For projects between $10,001 and $24,999, a payment bond and one-year maintenance bond are required. Projects valued between $25,000 and $99,999 require a payment bond and two-year maintenance bond. Projects at $100,000 or greater require a bid bond equal to five percent of the project amount submitted with the sealed bid, along with performance and payment bonds at the full project amount and a two-year maintenance bond from the date of final payment. All bonds and insurance documentation must be incorporated into the final contract and remain in effect through project completion and acceptance.
Retainage provisions are structured on a tiered basis according to contract value. Contracts up to $25,000 are subject to 15 percent retainage, contracts exceeding $25,000 but under $400,000 are subject to 10 percent retainage, and contracts exceeding $400,000 are subject to 5 percent retainage. All goods and services must comply with the Americans with Disabilities Act and related regulations, with the successful bidder required to provide ADA compliance certification. Award will be determined in accordance with Texas Local Government Code Chapter 252, and all questions regarding the solicitation must be submitted through the Bonfire platform in the questions and answers section.
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Text version
CITY OF LEWISVILLE
PURCHASING DIVISION
BOND REQUIREMENTS AND RETAINAGE
BONDS
The successful bidder will be required to furnish the following bonds from a surety licensed to do business in the State of Texas. These bonds, along with proper insurance papers, will be incorporated as part of the final contract documents and will remain in effect until the completion and acceptance of the project. Maintenance bonds shall be in effect based on their stated term after final acceptance of the project:
Project amount $10,001 to $24,999 – a payment bond at the project amount and a maintenance bond for one year from the date of final payment.
Project amount $25,000 to $99,999 – a payment bond at the project amount and a maintenance bond for two years from the date of the final payment.
Project amount $100,000 and greater – a signed, fully executed bid bond equal to five percent
(5%) of the project amount is to be included with the sealed bid; a payment bond and performance bond at the project amount and a maintenance bond for two years from the date of the final payment.
RETAINAGE
Retainage will be based on the following: Fifteen percent (15%) retainage for contracts up to
$25,000; ten percent (10%) retainage for contracts more than $25,000 and less than $400,000;
five percent (5%) retainage for contracts in excess of $400,000.
File details come from the government source that posted it. Updated .