Attachment F Payment Bond Acknowledgement.pdf
PDF 137 KB Posted
- Attached to
- Library Roof Replacement State and local contract opportunity
- Solicitation number
- 1201-ITB-25-4
- Issued by
- Palm Beach County, Florida
About this file
The document is a Payment Bond Requirements for Construction Contracts Acknowledgment Form related to the City of Riviera Beach Library Roof Replacement project in Florida, specifically addressing bonding requirements for construction contracts exceeding the Simplified Acquisition Threshold of $250,000. The form outlines the necessity for a payment bond covering 100% of the contract price, which ensures payment to all persons supplying labor and materials for the project's execution.
The bond requirements mandate that the successful bidder must provide both a Performance Bond and a Payment Bond, each for 100% of the contract price, executed by a corporate surety company authorized to do business in Florida. The surety company must hold a current certificate of authority as an acceptable surety on Federal Bonds, in accordance with U.S. Department of Treasury Circular 570. The form provides space for the contractor and surety to acknowledge and sign, confirming their understanding and commitment to these bonding requirements for the library roof replacement project.
View the file
Other files for this state and local contract opportunity
| File | Type | Posted |
|---|---|---|
| Attachment C Local Vendor Preference Program.pdf | ||
| Attachment J - Requests for Approved Equals.pdf | ||
| Solicitation.pdf | ||
| Attachment E Performance Bond Acknowledgement.pdf | ||
| Attachment B Contract For Construction.pdf | ||
| Attachment G - SBE Participation Schedule 1 and Schedule 2.pdf | ||
| Attachment A Forms - Proposer Required Forms v2_2025.pdf | ||
| Attachment D Bid Bond.pdf |
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Text version
PAYMENT BOND
REQUIREMENTS FOR CONSTRUCTION CONTRACTS ACKNOWLEDGMENT FORM
The requirements of 2 CFR Part 200 are applicable to this project as it relates to bid guarantees, performance bonds, and payment bonds for construction contracts exceeding the Simplified Acquisition Threshold as defined in 2 CFR 200.88. As of the publication of this part, the Simplified Acquisition Threshold is $250,000.
2 CFR 200.325, Bonding Requirements, established minimum requirements as follows:
Payment Bond
A payment bond on the part of the contractor for 100 percent (100%) of the contract price. A “payment bond” is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.
When the successful bidder delivers the executed agreement to the owner, it must be accompanied by a Performance Bond and a Payment Bond, each in the amount of one hundred percent (100%) of the contract price, executed by a corporate surety company of recognized standing, authorized to do business in the State of Florida. The bidder shall state in the bid proposal the name, address, telephone number and full name of the authorized agent of the surety or sureties who will sign these bonds in the event the contract is awarded to the bidder. During the bidding and construction periods the surety company shall hold a current certificate of authority as an acceptable surety on Federal Bonds, in accordance with U. S. Department of Treasury Circular 570, Current Revision.
ACKNOWLEDGED BY: ___________________________
SIGNATURE OF AUTHORIZED OFFICER: ___________________________
PRINTED NAME AND TITLE: ___________________________
DATE: ____________________________
SURETY NAME: ____________________________
SIGNATURE OF AUTHORIZED OFFICER: ____________________________
PRINTED NAME AND TITLE: ____________________________
DATE: ____________________________
ADDRESS: ____________________________
TELEPHONE: ____________________________
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