23-00672-00-LT_BLR_12230.pdf

This document is a Local Public Agency Proposal Bid Bond for the City of Urbana in Champaign County, Illinois, specifically for the Cunningham Avenue Street Light Rehabilitation project (Section 23-00672-00-LT). The bid bond serves as a financial guarantee that if the principal (bidder) is awarded the contract, they will enter into a formal contract and provide required performance guarantees. The bond covers 5% of the total bid price and ensures the bidder's compliance with proposal documents and contract requirements for the street light improvement project.

The bid bond provides legal protection for the Local Public Agency (LPA), allowing them to recover costs and expenses if the awarded contractor fails to fulfill contract obligations. The document includes spaces for the principal's company information, signatures, and a notary certification. An optional electronic bid bond section is also included, which allows bidders to submit an electronic bid bond with a unique ID code. The form is dated and marked with a revision date of 01/19/23, indicating it is a current procurement document for the street light rehabilitation project involving the replacement of 14 light poles, 47 lighting luminaires, and the installation of approximately 11,300 feet of conduit and 27,900 feet of electric cable along Cunningham Avenue.