7-Bonds Requirements Form Surety2000.pdf

TOWN OF PALM BEACH – Bonds Requirements Acknowledgement

TOWN OF PALM BEACH

Bonds Requirements Form

Bid Bonds: Applies for any bids of $100,000 and over

Each bid must be accompanied by a Bid Bond in a sum of not less than five percent (5%) of the total bid. Bid bonds amounting to less than one hundred dollars need not be submitted. If the successful bidder fails to deliver as indicated in the Invitation to Bid, does not conform to specifications or fails to perform as agreed upon, the Town shall be entitled to retain the deposit to rectify the bidder's unacceptable performance.

Performance Bond and Payment Bond Requirement: Applies to all bids of $200,000 and over

Contractor shall provide to the Town, prior to commencing the Work, a Performance Bond covering the full, faithful and complete performance of this Contract, and a Payment Bond covering full, faithful and complete payment of all obligations arising under this Contract. The Performance Bond and the Payment Bond shall incorporate by reference and be deemed to include all of the agreements and obligations of Contractor under this Contract, including, but without limitation, specific undertaking of the Surety to pay any Liquidated Damages hereunder, as well as any obligations as provided in the bidding requirements or specifically required in any of the Contract Documents related to this Contract. "Conditional" Payment Bonds pursuant to Section 713.20 of the Florida Statutes are not acceptable and will not meet the requirements of this paragraph. The Surety must be a surety licensed to write Performance and Payment Bonds meeting these requirements in Florida. For reasonable cause shown, the Town shall have the right to reject Contractor's Surety and require the Performance Bond and Payment Bonds to be issued by another surety. The Performance Bond shall remain in full force and effect for at least one (1) year after the date of Completion. It is the Contractor's obligation to record the Payment and Performance Bond(s) among the Public Records of Palm Beach County, Florida and shall provide the Town with a certified copy of the bond(s) before commencement of work.

Proof of recording must be submitted to the Town prior to issuance of a Purchase Order. A set of three (3) originals shall be required.

Surety2000

The Town conducts online verification of bonds through Surety2000. The only type of acceptable surety will be Electronic Bond signed by a Surety company authorized to do business in the State of Florida obtained and housed on the Surety2000 platform.

How to obtain an Electronic Bid Bond from Surety2000:

1. Bidder must register with Surety2000 by visiting www.surety2000.com. If you have already registered with Surety2000 previously you will not need to register again.

2. Verify that your Surety Broker is registered with Surety2000. If they are not direct them to visit www.surety2000.com to register.

3. Provide your Surety Broker the bond details for the proposal.

4. Once your Surety Broker has confirmed execution of the electronic bond creating, log into the www.surety2000.com to digitally sign the bond and receive the eleven-digit bond number.

5. Enter this number where indicated in the bid proposal submission.

I hereby confirm that our company is capable of providing and shall provide bonds as requested above upon award:

Company Name: Name:

Date: Authorized Signature:

http://www.surety2000.com/ http://www.surety2000.com/ http://www.surety2000.com/