7-3- BID BOND TEMPLATE.pdf
PDF 73 KB Posted
- Solicitation number
- 26-260
- Issued by
- Washington County, Utah
About this file
This is a Bid Bond Template document from the City of St. George, Utah, for the Canyons Softball Complex LED Sports Lighting project. The bid bond template establishes the conditions and requirements for bidders submitting proposals for the complete installation of a new energy-efficient LED sports lighting system across seven softball fields. The template specifies that bidders must submit a bond as part of their bid package, with the bond serving as security that the bidder will execute a contract if their bid is accepted and will furnish a performance bond for faithful completion of the work. The bond becomes void if the bid is rejected or if the bidder properly executes the contract and furnishes the required performance bond upon acceptance of their bid.
The bid bond amount is set at 5 percent of the bid amount and must be executed by a surety company that appears on the Treasury Department's current list (Circular 570 as amended) and is authorized to transact business in Utah. The surety's liability under the bond is limited to the penal amount stated in the bond document. The template was approved by Legal in May 2024 and establishes that any extension of time for the City to accept a bid does not impair the surety's obligations, and the surety waives notice of any such extension. The bond document requires signatures from both the principal (bidder) and the surety, with corporations required to affix their corporate seals and have the document signed by proper officers.
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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 .