4-0005317.Attachment No. 3 Bid Bond.pdf
PDF 117 KB Posted
- Attached to
- 42-Inch Downriver Transmission Main Loop State and local contract opportunity
- Solicitation number
- REQ- 0005317
- Issued by
- Wayne County, Michigan
About this file
This is a Bid Bond document issued by the Great Lakes Water Authority (GLWA) for the 42-Inch Downriver Transmission Main Loop project in Michigan. The bid bond serves as a financial guarantee accompanying bid submissions for this water transmission infrastructure project, which is part of GLWA's broader initiative to construct new water transmission mains creating a redundant water service loop for customers currently dependent on a single, non-looped transmission main.
The bid bond requires a surety bond equal to five percent (5%) of the total bid amount. The bond obligates the bidder and surety jointly and severally to perform all terms and conditions of the request for bid (RFB) within specified timeframes, or alternatively to pay the full bond amount as liquidated damages to GLWA. The surety must be licensed by the State Insurance Bureau to conduct business as a surety in Michigan and must be acceptable to GLWA. Upon demand, the surety shall immediately pay the bonded amount without delay and reimburse GLWA for all collection costs. The bond stipulates that the surety waives notice of any extensions to the bid acceptance period and that the surety's obligations remain unaffected by such extensions, with all provisions remaining enforceable under Michigan law.
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Text version
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 Requisition No.: 0005317 Contract Title: 42-Inch Downriver Transmission Main Loop
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: ________________________________
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