8-Surety Form (Fillable).pdf
PDF 248 KB Posted
- Attached to
- Colonel Estill Drainage Improvements
- Solicitation number
- 26-0047-5
- Issued by
- Chatham County, Georgia
About this file
This is a Surety Requirements form from Chatham County, Georgia, outlining bonding and financial security obligations for contractors bidding on the Colonel Estill Drainage Improvements project. The project involves stormwater infrastructure work in unincorporated Chatham County on Isle of Hope, including removal and installation of pipes and structures, open channel construction or modification, utility adjustments, and associated work while maintaining traffic flow and property access.
Bidders must submit a bid bond, certified check, or money order equal to 5% of the bid price payable to the Chatham County Finance Department with their bid documents, along with a Power of Attorney. Upon contract award, contractors must provide a performance and payment bond equal to 100% of the bid price prior to contract execution to guarantee specification compliance, timely delivery, service quality, and payment of subcontractor invoices. All bonds must be executed by a surety authorized to do business in Georgia and approved by Chatham County. If a contractor fails to execute the contract, the bid bond is forfeited; if the contractor fails to perform, the performance bond is forfeited in an amount equal to either the difference between the bidder's price and the next lowest responsible bid or the difference between the bidder's price and the lowest responsible bid from rebidding, including all rebidding costs.
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Text version
CHATHAM COUNTY, GEORGIA
SURETY REQUIREMENTS
NOTE TO CONTRACTOR: BID BOND ALONG WITH POWER OF
ATTORNEY MUST BE UPLOADED WITH YOUR BID DOCUMENTS.
USE OF SURETY’S STANDARD BID BOND FORM IS ACCEPTABLE. AS
LONG AS IT COMPLIES TO THE FOLLOWING:
___ A. Such bidder shall post a bid bond, certified check or money order made payable to the Chatham County Finance Department in the amount of 5% of the bid price. Certified Check must be delivered to the Purchasing and
Contracting Office prior to submitting a bid.
B. Contractor(s) shall post a payment/performance bond, certified check or money order made payable to the Chatham County Finance Department in the amount of 100% of the bid price if awarded the purchase. Such bond(s) are due prior to contract execution as a guarantee that goods meet specifications and will be delivered per contract. Such bonds will also guarantee quality performance of services and timely payment of invoices to any subcontractors.
C. Whenever a bond is provided, it shall be executed by a surety authorized to do business in the State of Georgia and approved by Chatham County.
D. Bidder acknowledges Chatham County’s right to require a Performance and
Payment Bond of a specific kind and origin. Performance Bond means a bond with good and sufficient surety or sprites for the faithful performance of the contract and to indemnify the governmental entity for any damages occasioned by a failure to perform the same within the prescribed time. Such bond shall be payable to, in favor of, and for the protection of the governmental entity for which the work is to be done. Payment Bond means a bond with good and sufficient surety or sureties payable to the governmental entity for which the work is to be done and intended for the use and protection of all subcontractors and all persons supplying labor, materials, machinery, and equipment in the prosecution of the work provided for in the public works construction contract. Performance Bond shall be forfeited if he/she fails to execute and fulfill the terms of the contract entered. The amount of forfeiture shall be: 1. The difference between his/her bid and the next lowest, responsible bid that has not expired or been withdrawn, or; 2. The difference between his/her bid and the amount of the lowest, responsible bid received as a result of rebidding, including all costs related to rebidding.
E. Forfeit the amount of the Bid Bond if he/she fails to enter into a contract with
Chatham County to do and/or furnish everything necessary to provide service and/or accomplish the work stated and/or specified in this bid proposal for the bid amount.
COMPANY DATE
SIGNATURE/TITLE
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