Attachment K - HECO-10.2 - Standard Bid Bond.docx

HECO-10.2

(Rev. 06/17)

STANDARD BID BOND

KNOW ALL MEN BY THESE PRESENTS: That , (“Contractor”) whose principal place of business is located at and (“Surety”) whose address for delivery of ‘Notices’ is located at are held and firmly bound unto the Commonwealth of Virginia and George Mason University, the Owner (collectively, the “University”) in the amount of five percent (5%) of the Amount (Total Base Bid plus all Additive Bid Items) Bid by Contractor, for the payment whereof, Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, the Contractor has submitted a bid for

NOW, THEREFORE, the conditions of this obligation are as follows. This Bid Bond shall guarantee that the Contractor will not withdraw his bid during the period of following the opening of bids; that if his bid is accepted, Contractor will enter into a formal contract with the University in accordance with the Contract Between Owner and Contractor, Form HECO-9, included as a part of the Invitation for Bids (IFB Documents); that Contractor will submit a properly executed and authorized Standard Performance Bond and Standard Labor and Material Payment Bond on the forms included in the IFB documents; and that in the event of the withdrawal of said bid within said period, or failure to enter into said contract and give said bonds within ten (10) days after Contractor has received notice of acceptance of his bid, Contractor and Surety shall be jointly and severally liable to the University for the difference between the amount specified in said bid and such larger amount for which the University may contract with another party to perform the work covered by said bid, up to the amount of the bid guarantee. This amount represents the damage to the University of account of the default of the bidder in any particular thereof.

The Surety represents to the Contractor and to the University that it is legally authorized to do business in the Commonwealth of Virginia.

Signed and sealed this day of

AFFIDAVIT AND ACKNOWLEDGEMENT OF ATTORNEY-IN-FACT

COMMONWEALTH OF VIRGINIA

(or alternatively, Commonwealth or State of )

/COUNTY of

I, the undersigned notary public, do certify that , whose name is signed to the foregoing bid bond in the amount of five percent (5%) of the Total Bid Amount and which names the Commonwealth of Virginia, and George Mason University, as Obligee, personally appeared before me today in the above jurisdiction and made oath that he/she is the attorney-in-fact of , a corporation which is the Surety in the foregoing bond, that he/she is duly authorized to execute on the above Surety’s behalf the foregoing bond pursuant to the Power of Attorney noted above and attached hereto, and on behalf of the surety, he/she acknowledged the foregoing bond before me as the above Surety’s act and deed.

She/he has further certified that her/his Power of Attorney has not been revoked.

[Complete if Power is recorded: Clerk’s Office: ;

Deed Book/Page No. or Instrument No.: .]

Given under my hand this day of .

Notary Public Seal My name (printed) is:

My registration number is:

My commission expires:

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