9-06 - Bond Requirements and Retainage.pdf
PDF 99 KB Posted
- Attached to
- Lake Avalon Boardwalk and Bridge Replacement
- Solicitation number
- 26-55-C
- Issued by
- Denton County, Texas
About this file
This is a Bond Requirements and Retainage document issued by the City of Lewisville Purchasing Division applicable to the Lake Avalon Boardwalk and Bridge Replacement project in Lewisville, Texas. The project involves the removal, building, and installation of a boardwalk and bridge at Lake Avalon Park. The successful bidder must comply with the Americans with Disabilities Act and all related regulations. Award will be determined based on Local Government Code Chapter 252.
The document establishes mandatory bonding requirements and retainage percentages based on project value. For projects valued between $10,001 and $24,999, contractors must provide a payment bond and one-year maintenance bond. Projects valued between $25,000 and $99,999 require a payment bond and two-year maintenance bond. Projects valued at $100,000 or greater require a bid bond equal to five percent of the project amount submitted with the sealed bid, along with payment and performance bonds at the project amount and a two-year maintenance bond. Retainage is held at fifteen percent for contracts up to $25,000, ten percent for contracts exceeding $25,000 but less than $400,000, and five percent for contracts exceeding $400,000. All bonds must be provided by sureties licensed to conduct business in Texas and will remain in effect until project completion and acceptance.
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Text version
CITY OF LEWISVILLE
PURCHASING DIVISION
BOND REQUIREMENTS AND RETAINAGE
BONDS
The successful bidder will be required to furnish the following bonds from a surety licensed to do business in the State of Texas. These bonds, along with proper insurance papers, will be incorporated as part of the final contract documents and will remain in effect until the completion and acceptance of the project. Maintenance bonds shall be in effect based on their stated term after final acceptance of the project:
Project amount $10,001 to $24,999 – a payment bond at the project amount and a maintenance bond for one year from the date of final payment.
Project amount $25,000 to $99,999 – a payment bond at the project amount and a maintenance bond for two years from the date of the final payment.
Project amount $100,000 and greater – a bid bond equal to five percent (5%) of the project amount is to be included with the sealed bid; a payment bond and performance bond at the project amount and a maintenance bond for two years from the date of the final payment.
RETAINAGE
Retainage will be based on the following: Fifteen percent (15%) retainage for contracts up to
$25,000; ten percent (10%) retainage for contracts more than $25,000 and less than $400,000;
five percent (5%) retainage for contracts in excess of $400,000.
File details come from the government source that posted it. Updated .