4-IFB 26-1-23900R1 Vol.3 (3) Bid Bond.pdf

This is an AIA Document A310 Bid Bond for the Madison County Mass Transit District, located in Pontoon Beach, Illinois, specifically for the MCT Building 3 Bus Lift Replacement project (Project No. 26-1-23900R1). The bond is set at five percent of the total bid price and involves a bus lift replacement project in Madison County, Illinois.

The bond document outlines the legal obligations between the Contractor, Surety, and Owner, establishing the terms for bid submission and potential contract performance. The bond ensures that if the Contractor is awarded the bid and fails to enter into a contract, the Surety will pay the Owner the difference between the Contractor's bid and the next larger responsive bid, up to the bond amount. The document is structured to comply with statutory requirements and provides a mechanism for financial protection for the Owner during the bidding and potential contract award process.