5-Section 00320 - Bid Bond.pdf

JORDAN BASIN IMPROVEMENT DISTRICT BID BOND

13400 S MVC SEWER PROJECT PAGE 00320-1

SECTION 00320

BID BOND

KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, ____________________, as Principal, and ___________________________, as Surety, are hereby held and firmly bound unto Jordan Basin Improvement District, as Obligee, in the penal sum of ________________________ Dollars ($_____________) in lawful money of the United States, for the payment of which sum, well and truly to be made, the said Principal and the said Surety hereby jointly and severally bind themselves, and their heirs, executors, administrators, successors, and assigns.

WHEREAS, the Principal has submitted to Obligee a certain Bid, hereby made a part hereof, to enter into a written contract for the construction of improvements for a project known as 13400 S MVC

SEWER PROJECT.

NOW, THEREFORE, the condition of this obligation is such that if the Obligee shall accept the Bid of the Principal and the Principal shall enter into a contract with the Obligee in accordance with the terms of such Bid and the Bidding Documents, and give such bond or bonds as may be specified in the Bidding Documents or the Contract Documents with good and sufficient sureties meeting all requirements of the Bidding Documents and the Contract Documents for the faithful performance of such contract and for the prompt payment of labor and materials furnished in the prosecution thereof, and give such evidence of insurance coverages and insurance limits as are specified in the Bidding Documents or the Contract Documents, or in the event of the failure of the Principal to enter such contract, to give such bond or bonds or to give such evidence of insurance coverages and insurance limits, if the Principal shall pay to the Obligee the difference, not to exceed the penal sum hereof, between the amount specified in said Bid and such larger amount for which the Obligee may in good faith contract with another party to perform the Work covered by said Bid, then this obligation shall be null and void, otherwise to remain in full force and effect.

The Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be in no way impaired or affected by any extension of the time within which the Obligee may accept such Bid; and said Surety does hereby waive notice of any such extension.

The Principal hereby stipulates and agrees that while the obligations of said Principal and said Surety under this Bond are limited to the penal sum hereof, the Principal’s obligations to the Obligee as Owner under the Bid Documents include payment to the Obligee as Owner of the full amount of the difference between the amount of the Principal’s Bid and the amount for which the contract is executed for the Work covered by the Principal’s Bid, irrespective of whether such amount exceeds the penal sum of this Bond, should the Principal default in its obligations to enter into a contract with the Obligee in accordance with the terms of the Bid of the Principal and the Bidding Documents, to give such bond or bonds as may be specified in the Bidding Documents or the Contract Documents with good and sufficient sureties meeting all requirements of the Bidding Documents and the Contract Documents or to give such evidence of insurance coverages and insurance limits as are specified in the Bidding Documents or the Contract Documents.

IN WITNESS WHEREOF, the Principal and the Surety have hereunto set their hands and seals, and such of them as are corporations have caused their corporate seals to be hereto affixed and these presents to be signed by their proper officers, this _____ day of ________________, 20__.

JORDAN BASIN IMPROVEMENT DISTRICT BID BOND

13400 S MVC SEWER PROJECT PAGE 00320-2

WITNESS OR ATTESTATION: PRINCIPAL

By:

(Seal)

Title:

WITNESS OR ATTESTATION: SURETY

By:

Attorney-in-Fact (Seal)

IMPORTANT – Surety companies executing bonds must appear on the U.S. Department of the Treasury’s most current list (Circular 570, as amended) and be authorized to transact business in the State of Utah.

STATE OF )

: ss.

COUNTY OF )

On this ______ day of ______________, personally appeared before me ____________________, who was proven to me to be the same on the basis of satisfactory evidence, and who, being by me duly sworn, did say that he/she is the Attorney-in-Fact of the above-named Surety Company and that he/she is duly authorized to execute the foregoing Bond and has complied in all respects with the laws of Utah in reference to becoming sole surety upon bonds, undertakings and obligations, and that he/she acknowledged to me that as Attorney-in-Fact he/she executed the foregoing Bond.

SUBSCRIBED AND SWORN to before me this ______ day of _____________, _____, Notary Public Residing at:

My commission expires: