3-05 - Bond Requirements and Retainage.pdf
PDF 151 KB Posted
- Attached to
- Valley Vista & Poydras Drainage Improvements
- Solicitation number
- 26-72-C
- Issued by
- Denton County, Little Cypress CDP, Texas
About this file
This is a bond requirements and retainage document issued by the City of Lewisville Purchasing Division applicable to the Valley Vista & Poydras Drainage Improvements project in Texas. The project scope includes removing and replacing storm drain pipe, storm drain inlets, storm drain junction boxes, and associated street paving repairs along Camelot Drive, Little Den Drive, Cassion Drive in the Valley Vista Addition, and Poydras Street area south of High School Drive. All goods and services must comply with the Americans with Disabilities Act and related regulations. The successful bidder must obtain required bonds from a surety licensed to do business in Texas, with these bonds and insurance documentation incorporated into the final contract and remaining in effect through project completion and acceptance.
Bond requirements vary by project amount: projects between $10,001 and $24,999 require a payment bond and one-year maintenance bond; projects between $25,000 and $99,999 require a payment bond and two-year maintenance bond; projects of $100,000 or greater require a bid bond equal to five percent of the project amount submitted with the sealed bid, plus payment and performance bonds at the project amount and a two-year maintenance bond. Retainage will be held at fifteen percent for contracts up to $25,000, ten percent for contracts exceeding $25,000 but less than $400,000, and five percent for contracts exceeding $400,000. Award will be based on Local Government Code Chapter 252, and all questions must be submitted through the Bonfire platform's questions and answers section.
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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.
File details come from the government source that posted it. Updated .