5-008 Bid Bond.pdf
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- Solicitation number
- 27001447
- Issued by
- Mason County, Texas
About this file
This is a Bid Bond form issued by the City of Midland, Texas for submission with bids related to the FY 2027 Asphalt Maltene Rejuvenating Agent Project for the Transportation Division. The form requires the bidder (Principal) to provide a surety bond guaranteeing faithful performance of the contract obligation. The bond amount is to be specified by the bidder and must be executed jointly by the Principal and Surety, with the City of Midland designated as the Obligee. The bond becomes void upon successful contract execution; however, it remains in full force and effect to protect the Obligee against bid withdrawal after opening or failure to execute the contract and furnish required Performance and Payment Bonds upon award.
The Bid Bond establishes liquidated damages provisions whereby the full bond amount may be collected by the City of Midland if the Principal withdraws its bid after opening and before official rejection, or if awarded the contract but fails to execute it and provide satisfactory Performance and Payment Bonds. Venue for any legal action on the bond is established in Midland County, Texas. The form requires signature and seal by both Principal and Surety, along with their respective addresses, and must be approved as to form by the City Attorney. A Power of Attorney must be attached to the bond as supporting documentation.
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Text version
FORM\BIDBOND.FRM REVISED: March 30, 2011
BID BOND
THE STATE OF TEXAS §
SURETY NO. ______________________
COUNTY OF MIDLAND §
KNOW ALL MEN BY THESE PRESENTS, THAT ___________________________________________
(hereinafter called the Principal), as Principal, and _______________________________________________
(hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Midland, Texas a home rule municipal corporation of Midland County, Texas, (hereinafter called the Obligee), in the amount of _________________
_______________________________________________________________________________________ DOLLARS
($____________________), for the payment whereof the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has submitted a Bid or Proposal to enter into a certain written Contract with the obligee to_________________________________________________________________________________________
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully enter into such written Contract, then this obligation shall be void; otherwise to remain in full force and effect.
IT IS EXPRESSLY UNDERSTOOD AND AGREED that if said Principal should withdraw its Bid anytime after such Bid is opened and before official rejection to such Bid or, if successful in securing the award thereof, said
Principal should fail to enter into the Contract and furnish satisfactory Performance Bond and Payment Bond, the
Obligee, in either such events, shall be entitled and is hereby given the right to collect the full amount of this Bid Bond as liquidated damages.
PROVIDED, further that if any legal action be filed upon this Bond venue shall lie in Midland County, Texas
IN WITNESS THEREOF, THE SAID PRINCIPAL AND SURETY do sign and seal this instrument, this
________________ day of ___________________, 20____.
Principal Surety
By ___________________________________ By ____________________________________
Address ______________________________ Address _______________________________
APPROVED AS TO FORM:
City Attorney
NOTE: ATTACH POWER OF ATTORNEY
File details come from the government source that posted it. Updated .