15-Bid Guaranty and Performance.pdf
PDF 250 KB Posted
- Attached to
- CSP - Modernization of Ben Taub Green Elevators for Harris Health (Estimated Budget - $3, 500, 000)
- Solicitation number
- 25/0312
- Issued by
- Harris County, Texas
About this file
This document is a Bid Guaranty and Performance/Payment Bond Information and Requirements document from Harris County, Texas, detailing the bonding and financial guarantee requirements for bidders on county contracts. The document outlines two acceptable forms of bid guaranty: an individual bid bond or a bank cashier's check, each representing 5% of the total bid amount and payable to Harris County.
The financial requirements stipulate that the successful bidder must execute and submit a performance and/or payment bond within ten days of contract award. The bond must be equal to the contract amount and executed by a surety company authorized to do business in Texas. Harris County reserves the right to hold the cashier's check until contract completion or require a performance bond. Failure to submit required bond documentation within ten days may result in the county rendering the award ineffective, and no payments will be made until written verification of bond validity is received from the contractor's surety.
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BID GUARANTY AND PERFORMANCE/PAYMENT BOND
INFORMATION AND REQUIREMENTS
A guaranty shall be submitted with each bid that the bidder will execute and furnish a performance and/or payment bond within ten days after award of the contract and receipt of performance/payment bond application form. Guaranty may be submitted in either of these forms:
A. Individual bid bond payable to Harris County for 5% of the total amount of each separate bid, or
B. Bank cashier’s check payable to Harris County for 5% of the total amount of each separate bid.
If the successful bidder submits a bank cashier’s check as guaranty, Harris County may elect to hold the check until all provisions of the contract have been completed, or require the contractor to make a performance and/or payment bond. The performance and/or payment bond shall be in the amount equal to the amount of money to be paid by the County under the contract, unless otherwise stated, and shall be executed by a surety company authorized to do business in the State of Texas. The prescribed performance and/or payment bond application is available to the bidder from Harris County, and is the only form Harris County will accept.
If the performance and/or payment bond forms and related documents are not returned to the Harris County Office of the Purchasing Agent, 1111 Fannin Street, 12th Floor, Houston, Texas 77002, within ten days, Harris County has the right to render the award ineffective. Written verification of the validity of the bond shall be received by the Office of the Purchasing Agent from the contractor’s surety before any payments will be made.
File details come from the government source that posted it. Updated .