4-Bid Guaranty and Performance.pdf
PDF 142 KB Posted
- Attached to
- ITB - Channel Improvements for Pillot Gully for the Harris County Flood Control District
- Solicitation number
- 26/0110
- Issued by
- Harris County, Texas
About this file
This is a Bid Guaranty and Performance/Payment Bond Requirements document for Harris County, Texas, related to the Channel Improvements for Pillot Gully project for the Harris County Flood Control District (Project ID: K140-00-00-X025). The document outlines the financial guaranty requirements that all bidders must submit with their bids to demonstrate good faith and ensure contract performance. Bidders must provide either an individual bid bond or bank cashier's check payable to Harris County in the amount of 5% of the total bid. The successful bidder is required to execute and furnish a performance and/or payment bond within ten days after contract award and receipt of the performance/payment bond application form from Harris County.
The performance and/or payment bond must equal the full contract amount unless otherwise specified and must be executed by a surety company authorized to operate in Texas. Harris County reserves the right to hold a cashier's check guaranty until contract completion or to require a performance/payment bond instead. All bond documentation must be submitted to the Harris County Office of the Purchasing Agent at 1111 Fannin Street, 12th Floor, Houston, TX 77002 within ten days of award; failure to submit within this timeframe allows Harris County to render the award ineffective. Written verification of bond validity from the contractor's surety must be received by the Purchasing Agent's office before any contract payments will be released.
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BID GUARANTY AND PERFORMANCE/PAYMENT BOND
INFORMATION AND REQUIREMENTS
A guaranty shall be submitted with each bid that the bidder will execute and furnish a performance and/or payment bond within ten days after award of the contract and receipt of performance/payment bond application form. Guaranty may be submitted in either of these forms:
A. Individual bid bond payable to Harris County for 5% of the total amount of each separate bid, or
B. Bank cashier’s check payable to Harris County for 5% of the total amount of each separate bid.
If the successful bidder submits a bank cashier’s check as guaranty, Harris County may elect to hold the check until all provisions of the contract have been completed, or require the contractor to make a performance and/or payment bond. The performance and/or payment bond shall be in the amount equal to the amount of money to be paid by the County under the contract, unless otherwise stated, and shall be executed by a surety company authorized to do business in the State of Texas. The prescribed performance and/or payment bond application is available to the bidder from Harris County, and is the only form Harris County will accept.
If the performance and/or payment bond forms and related documents are not returned to the
Harris County Office of the Purchasing Agent, 1111 Fannin Street, 12th Floor, Houston, TX 77002, within ten days, Harris County has the right to render the award ineffective. Written verification of the validity of the bond shall be received by the Office of the Purchasing Agent from the contractor’s surety before any payments will be made.
File details come from the government source that posted it. Updated .