Addendum 1 - Proposal Guaranty
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- Solicitation number
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- Long County, Georgia
About this file
This is Addendum 1 to an Invitation to Bid issued by the Marion County Board of Commissioners in Georgia for the 2021 LMIG Resurfacing Project on Buffalo Road. The project involves furnishing all labor, equipment, and materials necessary for asphalt overlay work on County Road 64 (Buffalo Road), which extends 2.80 miles from SR-352 to Pineknot Road. The addendum establishes the Proposal Guaranty requirements that bidders must submit as part of their bid response.
The Proposal Guaranty document requires contractors to secure a surety bond equal to a specified percentage of the bid amount, with the exact percentage and dollar amount to be completed by the bidder. The surety bond guarantees that the successful bidder will enter into a contract with Marion County and provide the required performance and payment bonds as specified in the bidding documents. If the principal contractor fails to enter into the contract or provide the necessary bonds, the surety is obligated to pay the difference between the original bid amount and any higher cost incurred by Marion County when contracting with another party to complete the work, not to exceed the penalty amount of the bond. All documents require signatures from both the principal contractor and surety, along with witnesses for each party.
Text of this file
Invitation to Bid Page | 19
2021 LMIG Resurfacing Project – Buffalo Rd.
Marion County Board of Commissioners
PROPOSAL GUARANTY
KNOW ALL MEN BY THESE PRESENTS THAT WE ____________________________ [Contractor’s name], as Principal, hereinafter called the Principal, and (Surety) __________________________ a corporation duly organized under the laws of the State of _____________________ as Surety, hereinafter called the Surety, and held and firmly bound unto
Marion County, Georgia 100 Burkhalter Ave PO Box 481 Buena Vista, GA 31803 as Obligee, hereinafter called Obligee, in the sum of _______________________________Dollars ($___________), or
____________________ percent (_____ %) of the amount bid, for the payment of which sum well and truly to be made, the said Principal and the said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has submitted a bid for: 2021 LMIG Resurfacing Project, Buffalo Road
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 bonds or bond as may be specified in the bidding or Contract Documents with good and sufficient surety for the faithful performance of such Contract and 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.
Signed and Sealed this _____ day of _______________, 20____.
Signature for Principal Signature for Surety
Printed Name for Principal Printed Name for Surety
Signature of Witness for Principal Signature of Witness for Surety
Printed Name of Witness for Principal Printed Name of Witness for Surety
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