2-AZ Bid Bond Fill Form.pdf
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- Solicitation number
- RFB-25-364 Upgrade Pavement Markings 4 Citywide Locations
- Issued by
- Yuma County, Arizona
About this file
This is an Arizona Statutory Bid Bond form for the City of Yuma related to Request for Bid (RFB) 25-364 for the upgrade of pavement markings at four citywide locations. The project encompasses upgrading pavement markings and related work on 32nd Street from Avenue D to Avenue C and from Avenue B to 4th Avenue, on 16th Street from Avenue D to Pacific Avenue, and on 3rd Street/Giss Parkway from Avenue B to Main Street within the City's urban area. The bid bond form serves as a required submission document for contractors responding to this solicitation.
The bid bond penalty is set at ten percent (10%) of the bid amount and must be executed in accordance with Arizona Revised Statutes Titles 28, 34, and 41. The surety must be a corporation duly organized and licensed in Arizona with a certificate of authority to transact surety business issued by the Director of the Department of Insurance. The bond obligates the principal and surety to the City of Yuma, ensuring that if the bid is accepted, the principal will enter into a contract with the City and provide required bonds and certificates of insurance. If the principal fails to execute the contract or provide necessary documentation, the City may recover the difference between the bid amount and any higher amount paid to another contractor, not to exceed the bond penalty. Individual sureties are not permitted; only corporate sureties may execute this bond.
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Text version
ARIZONA STATUTORY BID BOND
PURSUANT TO TITLES 28, 34 AND 41, ARIZONA REVISED STATUTES
(Penalty of this bond must not be less than 10% of the bid amount)
KNOW ALL MEN BY THESE PRESENTS:
That we, (hereinafter "Principal"), as Principal, and the
(hereinafter "Surety"), a corporation duly organized under the laws of the State of , duly licensed in and holding a certificate of authority to transact surety business in the State of Arizona issued by the Director of the Department of Insurance pursuant to Title 20, Chapter 2, Article 1, (hereinafter "Surety"), as
Surety, are held and firmly bound unto the City of Yuma, a municipal corporation as Obligee, in the sum of ten percent (10%) of the amount of the bid included in the proposal, submitted by the Principal to the Mayor and Council of the City of Yuma, for the WORK described below, for the payment of which sum, well and truly to be made, the said Principal and the said Surety, bind ourselves, our heirs, executors, and administrators, successors and assigns, jointly and severally, firmly by these presents, and in conformance with A.R.S. § 34-201.
WHEREAS, the Principal is herewith submitting it’s Bid for:
NOW, THEREFORE, if the City of Yuma shall accept the Proposal of the Principal and the Principal shall enter into a Contract with the City of Yuma, in accordance with the terms of such proposal and give the Bonds and Certificates of Insurance as specified in the Specifications with good and sufficient surety for the faithful performance of the Contract and for the prompt payment of labor and material furnished in the prosecution of the Contract, or in the event of the failure of the Principal to enter into the Contract and give the Bonds and Certificates of Insurance, if the Principal pays to the
City of Yuma the difference not to exceed the penalty of the bond between the amount specified in the Proposal and such larger amount for which the City of Yuma may in good faith Contract with another party to perform the WORK covered by the Proposal, then this obligation is void. Otherwise it remains in full force and effect provided, however, that this Bond is executed pursuant to the provisions of Section 34-201, Arizona Revised Statutes, and all liabilities on this Bond shall be determined in accordance with the provisions of the Section to the extent as if it were copied at length herein.
This Surety Bond shall not be executed by an individual surety or sureties, even if the requirements of A.R.S. Section 7-101 are satisfied.
October 2020
ARIZONA STATUTORY BID BOND
October 2020
Signed and sealed this _____ day of _________________, 20____.
Principal
Title
Signature
Surety
Title
Signature
Address of Surety:
* Attach Power of Attorney
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| Signed and sealed this: |
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| Address of Surety 1: |
| Address of Surety 2: |
| Text3: RFB-25-364 Upgrade Pavement Markings 4 City Locations |
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| Surety: |
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