3- Bid Bond- redlined 2025-08-29.doc

BID BOND

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 Oblige, 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-Vicksburg 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.

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