3-05 - Bond Requirements and Retainage.pdf
PDF 151 KB Posted
- Attached to
- LLELA Kayak Launch
- Solicitation number
- 26-73-C
- Issued by
- Denton County, Little Cypress CDP, Texas
About this file
Bond Requirements and Retainage Document - City of Lewisville
This document establishes the bond and retainage requirements for the City of Lewisville Purchasing Division related to the LLELA Kayak Launch construction project in Texas. The project encompasses construction of a new kayak launch facility, including demolition of existing improvements, grading, erosion control, tree and fence removal, concrete pavement and sidewalks, ADA-compliant parking and striping, signage, gravel road and parking area improvements, pipe fencing and gates, and launch surface installation. All deliverables must comply with the Americans with Disabilities Act and related regulations. The successful bidder will be required to maintain the bonds and insurance documentation as part of the final contract documents through project completion and acceptance.
Bond requirements are tiered based on project amount. For projects valued between $10,001 and $24,999, contractors must provide a payment bond at project amount and a one-year maintenance bond from final payment. Projects between $25,000 and $99,999 require a payment bond at project amount and a two-year maintenance bond. Projects of $100,000 or greater require a bid bond equal to five percent of the project amount with the sealed bid submission, along with both payment and performance bonds at the project amount and a two-year maintenance bond from final payment. Retainage is held at fifteen percent for contracts up to $25,000, ten percent for contracts exceeding $25,000 but under $400,000, and five percent for contracts over $400,000. All surety bonds must be from a surety licensed to conduct business in Texas.
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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 signed, fully executed bid bond equal to five percent
(5%) of the project amount is to be included with the sealed bid; 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: Fifteen percent (15%) retainage for contracts up to
$25,000; ten percent (10%) retainage for contracts more than $25,000 and less than $400,000;
five percent (5%) retainage for contracts in excess of $400,000.
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