5-BID BOND.pdf
PDF 262 KB Posted
- Attached to
- Canal Clearing
- Solicitation number
- 26-ITB-26
- Issued by
- Brevard County, Florida
About this file
This is a Bid Bond form issued by the City of Palm Bay, Florida, for use in conjunction with a Canal Clearing project. The bond serves as a financial guarantee accompanying a bid submission and requires the principal contractor and surety company to execute the bond within fifteen days of bid acceptance. The surety company must be authorized to do business in Florida and appear on the U.S. Treasury Department's current Circular 570 list. The project involves removing vegetation from canal flats and slopes, treating tree stumps with herbicide to prevent regrowth, and maintaining stabilized and accessible embankments. The contractor must furnish all labor, equipment, materials, and supervision necessary to complete the work.
The bid bond amount is to be determined based on the project specifications and approximate quantities outlined in the bid submission. Upon bid acceptance, the contractor must execute a Public Construction Bond payable to the City of Palm Bay in an amount not less than the total contract price. If the principal fails to comply with contract requirements within the specified timeframe, the surety shall pay the bond amount to the City as liquidated damages rather than as a penalty. The surety company must submit a current financial statement as part of the bond documentation to demonstrate adequate capacity to cover the obligation.
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Text version
SECTION 00400
BID BOND
KNOWN ALL BY THESE PRESENTS, that we ________________________ (hereinafter called Principal) and ___________________________________________ (hereinafter called the Surety) a corporation chartered and existing under the Laws of the State of ___________________ with its principal offices in the City of _____________________ and authorized to do business in the State of Florida, in the full and just sums of _____________________________________ Dollars ($_______________) good and lawful money of the United States of America, to be paid upon demand of the City of Palm Bay, Florida, to which payment will and truly to be made, we bind ourselves, our heirs, executors, administrators, and assigns, jointly and severally and firmly these presents.
WHEREAS, the Principal has submitted to the City of Palm Bay, Florida, a Bid for the construction of the, Bid # ___________, Project Name:____________________________________________________ and
WHEREAS, the Principal desires to file this bond in accordance with law, in lieu of a certified or cashier’s check otherwise required to accompany this Bid, and
WHEREAS, the City requires a financial statement of the Surety Company to be included as a part, of this contract and the Surety Company must appear on the Treasury Department’s most current list (Circular 570 as amended).
NOW, THEREFORE: the conditions of this obligation are such that if the Bid is accepted, the Principal shall, within fifteen (15) days after the receipt of notification of the acceptance thereof, execute a contract in accordance with the Bid and upon the terms and condition of such Bid, in the form and manner required by the City, and execute a sufficient and satisfactory Public Construction Bond payable to the City, in an amount not less than the total contract price, as indicated by the approximate quantities shown in the Bid, in form and with security satisfactory to the City, then this obligation to be void; otherwise to be and remain in full force and virtue in law; and the surety shall, upon the failure of the Principal to comply with any or all of the foregoing requirements within the time specified above, immediately pay to the aforesaid City upon demand, the amount hereof in good and lawful money of the United States of America, not as a penalty, but as liquidated damages.
IN TESTIMONY WHEREOF, the Principal and Surety have caused these presents to be duly signed and sealed this ______ day of ___________________, 202___.
ATTEST: PRINCIPAL:
Name and Title Name and Title
ATTEST: SURETY:
Name and Title Name and Title
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