9-00410 Bid Bond.pdf
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- Solicitation number
- IFB 3617-9
- Issued by
- Maricopa County, Arizona
About this file
This is a Bid Bond form template for a construction contract with Mesa Community College in Arizona for the New Vet Tech Lab Building project. The bid bond serves as a financial guarantee that the bidder will enter into a contract agreement if their proposal is accepted and will provide the required performance and payment bonds. The project involves new building and site development for Veterinary Technology and Sustainable Horticulture programs, improvement to an existing service road, and installation of a new sewer line. The bond is structured with a penal sum equal to ten percent (10%) of the bid amount, which represents the maximum liability of the principal and surety should the bidder fail to execute the contract or provide required bonding upon bid acceptance.
The bid bond requires execution by both the bidder (Principal) and a surety company authorized to conduct business in Arizona, with notarization required to validate signatures. The document obligates the Principal and Surety jointly and severally to pay the difference between the original bid amount and any higher contract price the Owner must pay to secure another contractor, not to exceed the ten percent penalty. The bond is conditioned upon the Principal's acceptance of the contract terms and provision of performance and payment bonds as specified in the Bidding or Contract Documents. The Owner is identified as the Obligee, and the bond becomes void only upon successful contract execution and bonding by the winning bidder. Infrastructure for structured cabling, audio-visual systems, and building security systems must be included, though actual equipment and installation of these systems will be procured through separate owner-direct contracts.
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Text version
BID BOND 00410-1
SECTION 00410
BID BOND
(Sample)
KNOW ALL MEN BY THESE PRESENTS, that we, (Bidder's Name) of (Street Address) (City, State, Zip) hereinafter called the Principal, and (Surety's Name) a corporation organized and existing under the Laws of the State of, and authorized to transact business in the State of , as Surety, hereinafter called Surety, are held and firmly bound unto the hereinafter called Obligee, in the Penal sum (Owner) of ten percent (10%) of the amount bid, good and lawful money of the United States of America, for the payment of which the Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
The Condition of this Obligation is such, that, WHEREAS the Principal had submitted a proposal to the Obligee on a contract for the construction of:
(Contract, Name and Number)
NOW THEREFORE, If the Obligee shall accept the bid of the Principal and the Principal shall enter into a Contract with the Obligee in accordance with the terms of such bid, and give such bond or bonds as may be specified in the Bidding or Contract Documents with good and sufficient surety for the faithful performance of such construction for the prompt payment of labor and material furnished in the prosecution thereof, or in the event of the failure of the Principal to enter such Contract and give such bond or bonds, if the Principal shall pay to the Obligee the difference not to exceed the penalty hereof between the amount specified in said bid and such larger amount for which the Obligee may in good faith contract with another party to perform the Work covered by said bid, then this obligation shall be null and void; otherwise to remain in full force and effect.
IN WITNESS WHEREOF, we have hereunto set our signatures and seal this day of , 20 , all pursuant to due authorization.
Principal: Seal
By:
Surety: Seal
Bond No. By:
By Attorney-in-fact in accordance with the attached Power of Attorney
STATE OF )
(ss.
COUNTY OF )
BID BOND 00410-2
I, , a Notary Public in and for the State and County aforesaid, do hereby certify that and , whose names are signed to the foregoing bond, this day personally appeared before me in my State and County aforesaid and acknowledged the same.
Given under my hand seal this day of , 20__.
Notary Public (Seal) My commission expires:
END OF SECTION 00410
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