4. Bid Bond.pdf
PDF 128 KB Posted
- Solicitation number
- 147430
- Issued by
- Riverside County, California
About this file
This is a Bid Bond form required by the City of Indian Wells, California for the Indian Wells Highway 111 Palm Tree Project. The bid bond serves as a financial guarantee that the bidder will not withdraw its bid within the specified timeframe outlined in the Contract Documents and will provide all required documentation if awarded the contract. Hard copy bid bonds must be submitted by November 12, 2026, by 2:00 PM PST. The bond is executed by both the Principal (bidder) and Surety, with the Surety's signature requiring notarization and evidence of corporate authority.
The bid bond is set at ten percent (10%) of the total bid price and represents the penal sum held by the City. The Surety waives notice of any changes, extensions, alterations, or additions to the Contract Documents terms and agrees to remain obligated under the bond. In the event the City pursues legal action against the bond, the Surety is responsible for all litigation expenses, including reasonable attorneys' fees, court costs, and expert witness fees. The bond becomes null and void only if the Principal does not withdraw its bid within the specified timeframe and successfully provides all required documents upon contract award.
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Text version
15 | P a g e
BID BOND
The makers of this bond are, , as Principal, and
, as Surety and are held and firmly bound unto the City of Indian Wells hereinafter called the CITY, in the penal sum of TEN PERCENT (10%) OF THE TOTAL BID PRICE of the Principal submitted to CITY for the work described below, for the payment of which sum in lawful money of the United States, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH that whereas the Principal has submitted the accompanying bid dated , 20 , for Indian Wells Highway 111 Palm Tree Project.
If the Principal does not withdraw its bid within the time specified in the Contract Documents; and if the Principal is awarded the Contract and provides all documents to the CITY as required by the Contract Documents; then this obligation shall be null and void. Otherwise, this bond will remain in full force and effect.
Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract Documents shall in affect its obligation under this bond, and Surety does hereby waive notice of any such changes.
In the event a lawsuit is brought upon this bond by the CITY and judgment is recovered, the Surety shall pay all litigation expenses incurred by the CITY in such suit, including reasonable attorneys’ fees, court costs, expert witness fees and expenses.
IN WITNESS WHEREOF, the above-bound parties have executed this instrument under their several seals this day of , 20 , the name and corporate seal of each corporation.
(Corporate Seal)
Principal
By Title
(Corporate Seal) Surety
By Attorney-in-Fact
(Attach Attorney-in-Fact Certificate) Title
Note: Signature of person executing for Surety must be notarized and evidence of corporate authority attached.
File details come from the government source that posted it. Updated .