6-007 Exhibit C.pdf
PDF 14 KB Posted
- Attached to
- 25006665 RFP Beal Park Phase ll
- Solicitation number
- 25006665
- Issued by
- Mason County, Texas
About this file
This is a bonding requirements exhibit (Exhibit C) for the City of Midland, Texas, establishing financial security requirements for contractors bidding on city projects. The document specifies that successful bidders on contracts exceeding $50,000 must furnish Performance & Payment Bonds equal to 100% of the total contract price, executed by a Corporate Surety authorized to conduct business in Texas and acceptable to the city. All bidders must submit a bid guaranty of 5% of their largest possible lump sum bid in the form of a certified check, cashier's check, bank money order, irrevocable letter of credit, or bidder's bond, and successful contractors must execute required bonds within fifteen days after contract award notification.
The bonding requirements allow alternative cash security arrangements, where contractors may substitute a cashier's check or irrevocable letter of credit for 100% of the contract amount in lieu of Performance and Payment Bonds. All bonds and sureties must name the City of Midland as the obligee, and bids submitted without the required bid guaranty will not be considered. The cash security option provides that checks will be returned uncashed upon satisfactory work completion and evidence that all contract obligations have been paid, offering contractors flexibility in meeting the city's financial security requirements.
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S:\Purch PDF\0ProcFldr\000 Attachments\EXHIBIT C rev 01-17-25.doc Revised: 1/17/2025
EXHIBIT C
Bonding Requirements
The successful bidder shall be required to furnish a Performance & Payment Bond* for bids in excess of $50,000.00, in an amount equal to one hundred percent (100%) of the total contract price, such bond to be executed by a Corporate Surety authorized to do business in the State of Texas and acceptable to the City of Midland. All bonds must be executed on forms contained in these contract documents. The form of agreement which the successful bidder, as contractor, will be required to execute is also included herewith. The form of agreement and the form of the bonds should be carefully examined by the bidder.
A certified check, cashier's check, bank money order, or irrevocable letter of credit issued by a bank satisfactory to the City, or a bidder's bond on the form provided, in the amount of five percent (5%) of the largest possible lump sum bid submitted, payable without recourse to the City, must accompany the bidder's proposal, as a guaranty that the bidder will enter a contract and execute the required payment bond and guaranty in the forms provided within fifteen (15) days after notice of award of contract to him. Bids or proposals without the required bid guaranty will not be considered. All bid sureties and payment bonds shall name the City of Midland as Obligee.
*A cash security such as a cashier's check or irrevocable letter of credit issued by a bank satisfactory to the City for 100 % of the contract amount may be supplied in lieu of the Performance and Payment Bonds. The check will be returned un-cashed upon satisfactory completion of the work and evidence of payment of all obligations due for the contract.
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