2-ITB EXHIBIT B-3 Bid Bond Form eProcurement.docx
DOCX document 23 KB Posted
- Attached to
- Bend Bikeways Construction for SE 9th Street, NE Bear Creek Road, and SE 15th Street - North
- Solicitation number
- 26-3233
- Issued by
- Deschutes County, Oregon
About this file
This is a Bid Bond Form for the City of Bend, Oregon, associated with the Bend Bikeways Construction project for SE 9th Street, NE Bear Creek Road, and SE 15th Street - North. The project involves construction of shared use paths adjacent to three separate roads, including pathway and ADA ramps, retaining walls, drainage and stormwater infrastructure, signing, striping, and landscape restoration. Work will be conducted over a multiple-month period with traffic control requirements and coordination with the City's Project Manager. The contract will be awarded through a sealed bid process to the selected contractor upon execution of the required contract and bonds.
The bid bond must equal 5 percent of the total bid amount and serves to secure the principal contractor's commitment to execute the contract and provide required performance and payment bonds upon award. Bidders may submit either a surety bid bond in the specified form or an alternate form meeting the same requirements, or alternatively provide cash security in the form of cash, certified checks, or cashier's checks equal to 5 percent of the bid price. The bid bond obligations are released upon the principal's execution of the contract with required performance and payment bonds or if the principal is not awarded the contract. If the contractor fails to sign the contract, provide required bonds, or pay the penalty after contract award, the surety is obligated to pay the specified amount to the City.
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Text version
B-3 BID BOND FORM
BID BOND
This Bid Bond is issued by ______________________, as Contractor (“Principal”), and _______________________________________________ as surety (“Surety”) are bound to the City of Bend (City) in the amount of 5 percent of Bid amount to secure Principal’s execution of a Contract if City awards a contract to Principal based on Principal’s Bid.
If City awards Principal a contract for any portion of the «Contract_Title» «Project_Number» - Solicitation No. «Solicitation Number», Principal shall enter into the contract according to the terms of Principal’s Bid and provide performance and payment bonds. If Principal fails to do so, it shall pay City the amount stated above. If Principal does not enter into the contract secured by performance and payment bonds and does not pay the amount stated above, Surety shall pay to City the amount stated above. The obligations of Principal and Surety under this Bid Bond shall be released if Principal signs the required contract and provides the required performance and payment bonds or if the Principal is not awarded the Contract.
SIGNED, SEALED AND DATED THIS _______ DAY OF ___________, 20________.
Principal_______________________________
Surety_________________________________
(Bidders may use an alternate Bid bond form, so long as it provides for payment by a surety of 5 percent of the Bid price if the Bid is awarded and bidder fails to sign the contract, provide required bonds, or pay the 5 percent penalty.)
Bidders may submit cash security (cash or certified or cashier’s check) rather than a Bid bond.
File details come from the government source that posted it. Updated .