8-IFB Vol. 3(3) A310-2010 - Bid Bond.pdf

This is a Bid Bond document for the City of Granite City, Illinois, related to Invitation for Bid Volume 3(3) A310-2010 for the Nature Trail Reconstruction project extending from Kate Street to IL-203. The bid bond serves as a financial guarantee that the bidder will enter into a contract and provide the required performance bond if awarded the project. The bond is issued by a surety company on behalf of the bidder and must accompany the bid submission to ensure the bidder's good faith and financial capability to perform the work.

The bid bond requires the surety to guarantee that the bidder will execute the contract and furnish the necessary performance bond if selected as the successful bidder. The bond amount is typically set at a percentage of the bid price, serving as security to protect the project owner against losses should the bidder fail to execute the contract or provide required bonding. This document is a standard prerequisite for participation in the competitive bidding process and must be completed, signed, and submitted with the bid package by the specified deadline to ensure bid responsiveness and compliance with the project requirements.