3- Bid Bond- 2025-08-28.doc
DOC document 66 KB Posted
- Solicitation number
- 25-6
- Issued by
- Gilpin County, Colorado
About this file
This document is a Bid Bond for the Town of Gypsum, Colorado, relating to the 2025 Gypsum Street Renovation Chipseal & Slurry Seal project. The project involves street maintenance work, specifically brooming and cleaning streets, and applying chipseal and fog coat or slurry seal on existing asphalt areas. The bid bond serves as a financial guarantee that the bidder will enter into the contract if awarded, with a requirement of bid security equal to 5% of the maximum bid price.
The bid bond does not specify exact pricing or funding sources, but it indicates that the principal (bidder) is required to provide financial security and commit to the project terms. The document emphasizes that failure to comply with bid requirements may result in forfeiture of the bond amount as liquidated damages. The project appears to be a municipal infrastructure improvement initiative for street maintenance in Gypsum, Colorado, with the bid bond serving as a standard procurement safeguard to ensure bidder commitment and project integrity.
View the file
Other files
Show all 14
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
BID BOND
| STATE OF COLORADO |
| ) |
| ) |
| ss. KNOW ALL MEN BY THESE PRESENTS: |
| COUNTY OF ____________________ |
| ) |
That we, ______________________________________________________________ of the City of ______________________, County of _________________________ and State of __________________________ (hereinafter called “Principal”), as Principal, and _____________________________________________________ (hereinafter called “Surety”), as Surety, authorized under the laws of the State of Colorado to act as surety on bonds for principals, are held and firmly bound unto Town of Gypsum (hereinafter called “Owner”), as Obligee, in the sum of _________________________________ Dollars ($____________) in lawful money of the United States for payment of which sum the Principal and Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally and firmly by these presents.
WHEREAS, Principal has submitted a Bid Form (Proposal) to enter into a certain written agreement with Owner for Construction of 2025 Gypsum Street Renovation Chipseal & Slurry Seal hereinafter referred to as “Agreement.”
WHEREAS, the Instructions to Bidders has required as a condition of receiving the Bid Form that the Principal submit Bid security in an amount not less than five per cent (5%) of the Bidder’s maximum Bid Price, which sum it is specifically agreed to be forfeited as liquidated damages in the event that the Principal defaults in its obligation as hereinafter specified, and, in pursuance of which requirement, this Bid Bond is made, executed and delivered.
NOW, THEREFORE, the condition of this obligation is such that if Owner shall accept the Bid Form (Proposal) of the Principal, and Principal shall faithfully enter into Agreement with the Owner in accordance with the terms of such Bid and give such Bonds as are specified in the Contract Documents, then this obligation shall be null and void, otherwise to remain in full force and effect.
The sum of this Bid Bond shall be forfeited to Owner in its entirety as liquidated damages and not as a penalty upon Principal’s default.
The Surety, for value received, hereby stipulates and agrees that the obligation of said Surety and its Bond in no way shall be impaired or affected by any extension of the time within which the Owner may accept such Bid Form (Proposal); and Surety does hereby waive notice of any such extension.
Signed and sealed this ______ day of _____________, 2025.
PRINCIPAL:
ATTEST:
By:
Secretary
(Address)
SIGNATURES
If the Principal is doing business as a Corporation, the Bid Bond shall be signed by an officer, i.e., President or Vice President. The signature of the officer shall be attested to by the Secretary and properly sealed.
If the “Principal” is an individual or a partnership, the Bid Bond shall so indicate and be properly signed.
SURETY:
By:
Secretary
Attorney in Fact
(Address)
Surety’s Telephone No.:
THIS BOND MUST BE ACCOMPANIED BY POWER OF ATTORNEY, EFFECTIVELY DATED. FAILURE TO PROVIDE A PROPERLY EXECUTED BID BOND WITH A PROPERLY EXECUTED POWER OF ATTORNEY MAY RESULT IN THE BIDDER’S PROPOSAL BEING DEEMED NON-RESPONSIVE.
X:\Engineering\Town Projects\ \ Web Posting-2023\Bid Bond.DOC
File details come from the government source that posted it. Updated .