5-Bid Guaranty and Performance.pdf
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- Attached to
- ITB - Repair and Maintenance of Existing Subdivision Infrastructure in Various Locations for Harris County
- Solicitation number
- 26/0087
- Issued by
- Harris County, Texas
About this file
This is a Bid Guaranty and Performance/Payment Bond Information and Requirements document for Harris County, Texas, establishing the financial assurance requirements for bidders participating in the Repair and Maintenance of Existing Subdivision Infrastructure contract opportunity (UPIN 26208MF3YP01). Each bid submission must include a guaranty in the form of either an individual bid bond or a bank cashier's check, each payable to Harris County in an amount equal to 5% of the total bid amount. The successful bidder must execute and furnish a performance and/or payment bond within ten days of contract award and receipt of the bond application form from Harris County's Office of the Purchasing Agent.
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 the State of Texas. If the successful bidder submits a bank cashier's check as the initial guaranty, Harris County reserves the right to either retain the check until contract completion or require submission of a formal performance and/or payment bond. Failure to return completed bond forms and related documentation to the Harris County Office of the Purchasing Agent at 1111 Fannin Street, 12th Floor, Houston, TX 77002 within ten days may result in the contract award being rendered ineffective. Written verification of bond validity from the contractor's surety company must be received by the Purchasing Agent's office prior to any contract payments being issued.
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Text version
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 .