2-3 - Bond Requirements and Retainage.pdf
PDF 127 KB Posted
- Attached to
- Annual Contract for Work Order Generated Concrete Repairs State and local contract opportunity
- Solicitation number
- 25-80-A
- Issued by
- Denton County, Little Cypress CDP, Texas
About this file
This document from the City of Lewisville Purchasing Division outlines bond requirements and retainage policies for municipal contracts. The guidelines specify bond obligations for projects of varying dollar amounts, requiring successful bidders to secure payment and maintenance bonds from a Texas-licensed surety. For projects ranging from $10,001 to $24,999, a payment bond and one-year maintenance bond are required; projects between $25,000 and $99,999 need a payment bond and two-year maintenance bond; and projects $100,000 and above demand both a payment and performance bond with a two-year maintenance bond.
The document also details the city's retainage policy, which will withhold 10% for contracts under $400,000 and 5% for contracts exceeding $400,000. These bonds and retainage provisions are designed to protect the city's interests, ensure project completion, and provide financial security throughout the contract lifecycle. The bonds will be incorporated into the final contract documents and remain in effect until project completion and acceptance, with maintenance bonds continuing for their specified term after final payment.
View the file
Other files for this state and local contract opportunity
| File | Type | Posted |
|---|---|---|
| 1-4 - 2017 COG Specification Revisions.pdf | ||
| 4-2 - Procurement Required Documents.pdf | ||
| 5-Pre-Bid Sign In Sheet.pdf | ||
| 6-Addendum 1.pdf | ||
| 3-1 -Specifications.pdf | ||
| 7-As-Read Results - 25-80-A.pdf |
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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 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: ten percent (10%) retainage for contracts less than $400,000; and five percent (5%) retainage for contracts in excess of $400,000.
File details come from the government source that posted it. Updated .