3113_Bid_Bond.pdf
PDF 114 KB Posted
- Attached to
- RYON PARK STAGE AREA IMPROVEMENT PROJECT
- Solicitation number
- ITB NO. 3113
- Issued by
- Santa Barbara County, Los Angeles City, California
About this file
This is a Bid Bond document issued by the City of Lompoc, California, for the Ryon Park Stage Area Improvement Project. The bond serves as a financial guarantee from the Principal and an authorized Surety, binding both parties jointly and severally to the City of Lompoc as Obligee. Bids for this project were to be received until 2:00 pm on Thursday, July 2, 2026, with proposals valid for 90 calendar days following the bid opening date. The bid bond requires execution of a contract and associated performance bonds within thirty (30) days of contract award.
The bid bond amount equals ten percent (10%) of the aggregate amount bid and may be satisfied through submission of the bond itself or through a certified or cashier's check accompanying the bid. If the successful bidder fails to execute the required contract and bonds within the specified thirty-day period, the Obligors shall forfeit the bonded amount as liquidated damages. All signatures on the bond document must be notarized, corporate seals affixed, and the Surety's Attorney-in-Fact must provide a Power of Attorney authorization. This bond requirement ensures bidder commitment and protects the City of Lompoc's interests in project execution.
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Text version
BID BOND
(Not required if certified or cashier’s check accompanies the bid)
KNOW ALL MEN BY THESE PRESENTS
THAT WE, as Principal, And, , as Surety, authorized and licensed to transact business in the State of California, do hereby acknowledge ourselves to be held and obligated as joint Obligors to the CITY OF LOMPOC, as Obligee, in the sum of ten percent (10%) of the aggregate amount bid by the principal. Said Principal and Surety do hereby bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally by their bond.
WHEREAS, said Principal is about to submit to the City of Lompoc the foregoing bid or proposal for performance of the work therein mentioned, which includes the furnishing of all materials in compliance with the specifications and plans, if any, under the Notice Inviting Bids/Proposals from said City of Lompoc.
NOW, THEREFORE, if the bid or proposal of the Principal is accepted and awarded to said Principal by the City of Lompoc and if said Principal fails or neglects to enter into a contract and/or to execute the required bonds in connection with the contract within thirty (30) days after the contract is awarded to said Principal, then, the above-named Obligors shall pay to said Obligee the aforementioned sum of ten percent (10%) of the aggregate amount bid, as liquidated damages for such failure or neglect.
THEIR AGREEMENT shall be binding on the Principal and Surety executing the same, their legal representatives, successors, and assigns.
EXECUTED their day of 2026
Witness PRINCIPAL
Typed Witness Name By:
Signature/Title
(CORP. SEAL)
Witness SURETY
Typed Witness Name By:
Signature/Title
(CORP. SEAL) Attorney in Fact
Notary
NOTE: ALL SIGNATURES MUST BE NOTARIZED AND CORPORATE SEALS AFFIXED TO THEIR BOND.
ATTORNEY-IN-FACT MUST ATTACH A POWER OF ATTORNEY FROM THE SURETY.
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