7-007 Exhibit C.pdf

This document is Exhibit C of a City of Midland, Texas bid package, establishing bonding and bid guaranty requirements for the FY 2027 Asphalt Maltene Rejuvenating Agent Project. The successful bidder must furnish a Performance and Payment Bond equal to 100 percent of the total contract price, executed by a Corporate Surety authorized to conduct business in Texas and acceptable to the City of Midland. All bonds must be submitted on forms provided within the contract documents. Bidders are required to submit a bid guaranty with their proposal in the amount of five percent (5%) of the largest possible lump sum bid, in the form of a certified check, cashier's check, bank money order, irrevocable letter of credit from a bank satisfactory to the City, or a bidder's bond on the prescribed form. This guaranty must be submitted within fifteen (15) days after notice of award to ensure the bidder will execute the required payment bond and contract agreement. Bids or proposals submitted without the required bid guaranty will not be considered.

All bid sureties and payment bonds shall name the City of Midland as the Obligee. The bonding requirement applies to bids exceeding $50,000.00. This Exhibit C establishes the financial security mechanisms necessary to protect the City's interests in the execution and performance of the contract. Bidders should carefully examine all bond forms and the form of agreement included in the contract documents prior to submission.