6-4- BID BOND TEMPLATE.pdf
PDF 73 KB Posted
- Attached to
- IFB - FY27 REUSE CRUSHING OPERATION
- Solicitation number
- 26-306
- Issued by
- Washington County, Utah
About this file
This is a Bid Bond Template document provided by the City of St. George, Utah, for use in conjunction with construction and service procurement activities. The template establishes the requirement for bidders to submit a bid bond as a condition of participation in the competitive bidding process. The bid bond serves as a guarantee that the principal (bidder) will execute a contract if their bid is accepted and will provide the required performance and payment bonds. The document specifies that the bond must be submitted with the bid submission and that the surety company executing the bond must be authorized to transact business in Utah and appear on the U.S. Treasury Department's current list of approved sureties (Circular 570 as amended).
The bid bond amount is set at 5% of the bid value, establishing a financial guarantee mechanism to ensure bidder commitment and performance. The template indicates that the bond obligation becomes void if the bid is rejected or if the bidder properly executes the contract and furnishes the required performance and payment bonds upon acceptance of their bid. The document specifies that the surety's liability shall not exceed the penal amount stated in the bond and includes a waiver provision allowing the City to extend the bid acceptance timeline without affecting the surety's obligations. The form was approved by Legal in May 2024 and is applicable to the City of St. George's FY27 Reuse Crushing Operation project, which involves processing asphalt and concrete rubble at the Reuse Center into usable road base material.
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Text version
BID BOND
Project Name:
Inquiry No.
KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, as
Principal, and as Surety, are hereby held and firmly bound unto The City of St. George in the penal sum of for the payment of which, well and truly to be made, we hereby jointly and severally bind ourselves, successors and assigns.
Signed, this day of , 20 . The Condition of the above obligation is such that whereas the Principal has submitted to a certain BID, attached hereto and hereby made a part hereof to enter into a contract in writing, for the construction of the above-named project.
NOW, THEREFORE,
(a) If said BID shall be rejected, or
(b) If said BID shall be accepted and the Principal shall execute and deliver a contract in the Form of
Contract attached hereto (properly completed in accordance with said BID) and shall furnish a
BOND for his faithful performance of said contract, and for the payment of all persons performing labor or furnishing materials in connection therewith, and shall in all other respects perform the agreement created by the acceptance of said BID, THEN this obligation shall be void, otherwise the same shall remain in force and effect; it being expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated.
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 CITY may accept such BID; and said Surety does hereby waive notice of any such extension.
Form approved by Legal May, 2024 Page 18 of 54
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, the day and year first set forth above.
Principal
Surety
By:
IMPORTANT - Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the state where the project is located.
| Principal: |
| By: |
| undefined: |
| 1: |
| 2: |
| Month: |
| Year: |
| Day: |
| Bond Company: |
| City of St: |
| George: |
| Name of Bidder: |
| 5% of Bid: |
| Project Name: |
| Bid Number: |
File details come from the government source that posted it. Updated .