5-Bid Guaranty and Performance.pdf
PDF 142 KB Posted
- Attached to
- ITB - Intersection Improvement at Prairie Drive and Windfern Road for Harris County Precinct 1
- Solicitation number
- 26/0151
- Issued by
- Harris County, Texas
About this file
This is a Bid Guaranty and Performance/Payment Bond Requirements document issued by Harris County, Texas, for the Intersection Improvement project at Prairie Drive and Windfern Road in Harris County Precinct 1 (UPIN 24101MF3MD01). The document establishes the guaranty requirements that must accompany all bid submissions and the performance/payment bond obligations for the successful contractor upon award.
Bidders are required to submit a guaranty with their bids in one of two forms: an individual bid bond or a bank cashier's check, each payable to Harris County in the amount of 5% of the total bid price. If the successful bidder provides a bank cashier's check as guaranty, Harris County reserves the right to either hold the check until contract completion or require the contractor to furnish a performance and/or payment bond. The performance and/or payment bond must be executed within ten days after contract award and receipt of the bond application form from Harris County. The bond amount shall equal the full contract amount and must be issued by a surety company authorized to conduct business in Texas. Failure to return completed performance and/or payment bond forms and related documents to the Harris County Office of the Purchasing Agent at 1111 Fannin Street, 12th Floor, Houston, TX 77002 within ten days of award renders the award ineffective. Written verification of bond validity from the contractor's surety must be received by the Purchasing Agent's office before any contract payments will be released.
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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 .