8-05 BIDBOND.pdf
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- Solicitation number
- 25004551R
- Issued by
- Mason County, Texas
About this file
This document is a Bid Bond form for the City of Midland, Texas, a home rule municipal corporation in Midland County. The form is designed to provide a financial guarantee for a bidder's proposal, ensuring that if the principal (bidder) is awarded the contract, they will enter into the agreement and provide required performance and payment bonds. The bond protects the obligee (City of Midland) by allowing them to collect the full bond amount as liquidated damages if the bidder withdraws their bid after opening or fails to execute the contract.
The bond form is a standardized template with blank spaces to be filled in with specific details about the principal, surety, and contract. Key provisions include the principal's obligation to faithfully enter the contract, with the bond becoming void upon successful contract execution. If the bidder withdraws their bid or fails to complete the contract, the city can collect the full bond amount. The document specifies that any legal action regarding the bond will be venue in Midland County, Texas, and requires attachment of a power of attorney. The form was revised on March 30, 2011, and is intended to provide financial protection for the municipal contracting process.
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Text version
FORM\BIDBOND.FRM REVISED: March 30, 2011
BID BOND
THE STATE OF TEXAS §
SURETY NO. ______________________
COUNTY OF MIDLAND §
KNOW ALL MEN BY THESE PRESENTS, THAT ___________________________________________
(hereinafter called the Principal), as Principal, and _______________________________________________
(hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Midland, Texas a home rule municipal corporation of Midland County, Texas, (hereinafter called the Obligee), in the amount of _________________
_______________________________________________________________________________________ DOLLARS
($____________________), for the payment whereof the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has submitted a Bid or Proposal to enter into a certain written Contract with the obligee to_________________________________________________________________________________________
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully enter into such written Contract, then this obligation shall be void; otherwise to remain in full force and effect.
IT IS EXPRESSLY UNDERSTOOD AND AGREED that if said Principal should withdraw its Bid anytime after such Bid is opened and before official rejection to such Bid or, if successful in securing the award thereof, said
Principal should fail to enter into the Contract and furnish satisfactory Performance Bond and Payment Bond, the
Obligee, in either such events, shall be entitled and is hereby given the right to collect the full amount of this Bid Bond as liquidated damages.
PROVIDED, further that if any legal action be filed upon this Bond venue shall lie in Midland County, Texas
IN WITNESS THEREOF, THE SAID PRINCIPAL AND SURETY do sign and seal this instrument, this
________________ day of ___________________, 20____.
Principal Surety
By ___________________________________ By ____________________________________
Address ______________________________ Address _______________________________
APPROVED AS TO FORM:
City Attorney
NOTE: ATTACH POWER OF ATTORNEY
File details come from the government source that posted it. Updated .