18-009 8.0 Bid Bond.pdf
PDF 485 KB Posted
- Solicitation number
- 26002818
- Issued by
- Mason County, Texas
About this file
This is a Bid Bond document related to the City of Midland, Texas's Midland International Air & Space Port Beautification Project (Project #900476-505). The bid bond serves as a guarantee that the principal will enter into the written contract for furnishing materials and labor for the airport beautification project. The bond is executed by the principal and a surety, both binding themselves jointly and severally to the City of Midland as the obligee. The document establishes the terms under which the bond remains valid upon the principal's faithful execution of the contract.
The bid bond specifies that if the principal withdraws its bid after opening and before official rejection, or if awarded the contract but fails to enter into the written agreement and furnish satisfactory Performance and Payment Bonds, the City of Midland is entitled to collect the full amount of the bid bond as liquidated damages. The bond amount, principal name, surety identification, and specific dollar value are left blank in this template document, to be completed upon submission. Venue for any legal action arising from the bond is designated as Midland County, Texas. The document requires approval as to form by the City Attorney and notes that a Power of Attorney must be attached.
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Text version
1909 West Wall Street, Suite K Midland, Texas 79701
P.O. Box 6040 Midland, Texas 79704 (Mailing Address) Office 432.262.0999 Fax 432.262.1475 www.maverick-eng.com
Project # 900476-505
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8.0 BID BOND
THE STATE OF TEXAS §
COUNTY OF MIDLAND § SURETY
NO
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 for the construction of
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 AGREE 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 of such events, shall be entitled and is hereby given the right to collect the full amount of this Bid Bond as liquidated damage.
1909 West Wall Street, Suite K Midland, Texas 79701
P.O. Box 6040 Midland, Texas 79704 (Mailing Address) Office 432.262.0999 Fax 432.262.1475 www.maverick-eng.com
Project # 900476-505
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PROVIDED, further that if any legal action be filed upon this Bond venue shall lie in Midland County, Texas.
IN WITNESS WHEREOF, 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 .