3-Attachment No. 3 Bid Bond.pdf

GLWA Procurement

Effective Date:

7/1/2024

Document #:

FSA_PRO_SUP_0004

Revision Date:

N/A

Revision#:

Document Title:

Bid Bond

Document Owner/Department:

Procurement Team

Bid Bond

Bid Bond Enter Contract No.: REQ-0003866 Enter Contract Title: _Phosphoric Acid, Bulk Delivery to Water Treatment Plants_ KNOW ALL PERSONS BY THESE PRESENTS: That we, "the Bidder,"__________________________________, a corporation ____, individual ____, partnership ____, joint venture ____, of the State of _______________, qualified to do business in the State of Michigan, as Principal, and "the Surety," _____________________________________, of the state of ____________, licensed to do business as surety in the State of Michigan, are hereby held and firmly bound unto the Great Lakes Water Authority, "the GLWA," as Obligee, in the amount of five percent (5%) of the Bid, which equates to _____________________________________ _____________________________________ Dollars ($____________________), for the payment of which the Bidder and the Surety hereby bind ourselves, our respective heirs, successors, legal representatives and assigns, jointly and severally, firmly by these presents in accordance with Michigan Law.

WHEREAS, the Bidder has submitted to the GLWA a Bid, to which this Bond is attached, to enter into the Contract with the GLWA for ________________________________________________________________ covered by RFB prepared by the Engineer, which RFB are incorporated into this Bid Bond by this reference:

NOW, THEREFORE: THE CONDITION OF THIS OBLIGATION IS THAT, if the Bidder (a) faithfully performs and fulfills all the understandings, covenants, terms and conditions of the RFB (including Addenda issued before Bid opening) within the time specified or any extension thereof, with or without notice to the Surety, or (b) fails to comply with all the understandings, covenants, terms and conditions of the RFB (including Addenda issued before Bid opening) within the time specified or any extension thereof, with or without notice to the Surety, but pays the GLWA the full amount of the sum set forth in the Bid Bond as liquidated damages - then THIS OBLIGATION SHALL BE NULL AND VOID, OTHERWISE THIS OBLIGATION SHALL REMAIN IN

FULL FORCE AND EFFECT.

A. If the GLWA makes demand on the Surety to perform in accordance with the Surety's obligations under this Bond, then the full amount of the sum set forth in this Bid Bond shall be immediately due and payable to the GLWA, and the Surety shall pay that sum without delay. Additionally, the Surety shall reimburse the GLWA for all costs of collection.

B. The Surety, for value received, stipulates and agrees that the obligations of the Surety and its Bond shall be in no way impaired or affected by any extension of the time within which the GLWA may accept the Bid, and the Surety does, by this agreement, waive notice of any such extension.

C. It is the intention of the Bidder, Surety and GLWA that the Surety shall be bound by all terms and conditions of the RFB and this Bid Bond. However, if any provision(s) of this Bond is/are illegal, invalid or unenforceable, all other provisions of this Bond shall nevertheless remain in full force and effect, and the GLWA shall be protected to the full extent provided by Michigan Law.

IMPORTANT: The Surety shall be licensed by the State Insurance Bureau to do business as surety in the State of Michigan and shall be acceptable to the GLWA.

Address and Telephone of Surety Address and Telephone of Agent

Signed and sealed this ___ day of ______________, 20_______ (Note: Use the date entered on the bid form.)

BIDDER (Print full name.): ______________________________________________________________

By: _____________________________ Name and Title: _________________________________________

Witness: _____________________________

SURETY (Print full name.): ______________________________________________________________

By Agent: ___________________________ By Attorney-in-Fact: ________________________________