5-Bid Guaranty and Performance.pdf
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- Solicitation number
- 26/0157
- Issued by
- Harris County, Texas
About this file
This is a Bid Guaranty and Performance Bond Requirements document issued by Harris County in Texas for the Intermediate Distribution Room (IDR) Construction project at Ben Taub Hospital, with an estimated budget of $1,155,000. The document establishes the financial guaranty requirements that bidders must submit with their proposals to demonstrate good faith and financial capability to perform the contract work if awarded.
Bidders are required to submit a guaranty in one of two forms: either 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 submits a bank cashier's check as the guaranty, Harris County reserves the right to either hold the check until contract completion or require submission of a performance and/or payment bond. The performance and/or payment bond must be executed by a surety company authorized to do business in Texas and shall equal the full contract amount unless otherwise specified. Contractors must 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, Texas 77002 within ten days of contract award; failure to meet this deadline may result in the award being rendered 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 authorized.
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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, Texas 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.
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