Bid Bond_BidNet.pdf
PDF 125 KB Posted
- Solicitation number
- 25-009037
- Issued by
- Adams County, Colorado
About this file
The document is a Bid Bond for a City of Brighton procurement process, specifically related to the 18th Avenue Sanitary Sewer Rerouting Construction project. The Bid Bond is a required guarantee submitted with the bid proposal, representing 5% of the total bid price. The bond ensures that if the principal (bidding contractor) is awarded the project, they will execute the required agreement, provide necessary performance and payment bonds, and maintain required insurance policies. The bond remains valid for thirty (30) days after the proposal opening and will be null and void if the contractor fulfills all specified obligations.
The Bid Bond stipulates that the 5% bid amount will be forfeited as liquidated damages if the principal defaults on their contractual obligations. The document requires specific signing protocols: for corporate bidders, an officer (President or Vice President) must sign, attested by the Secretary and sealed; for individual or partnership bidders, appropriate signatures are required. Additionally, a Power of Attorney must accompany the bond, and failure to provide a properly executed bond and Power of Attorney will result in the bid being deemed non-responsive. The bond is a critical component of the bidding process, protecting the City of Brighton's interests by ensuring bidder commitment and financial accountability.
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Text version
BID BOND
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, _______ hereinafter called the “Principal,” is submitting a Bid/Proposal for the __________________________________________________________ project, to the City of Brighton, hereinafter called the “Obligee.”
WHEREAS, the Solicitation has required as a condition of receiving the Bid/Proposal that the Principal submits with the Bid/Proposal Guaranty in an amount not less than five per cent (5%) of the
Bid/Proposal, which sum it is specifically agreed is to be forfeited as Liquidated Damages in the event that the Principal defaults in their obligation as hereinafter specified, and, in pursuance of which
Requirement, this Bid/Proposal is made, executed and delivered.
NOW THEREFORE, the Principal and a corporation of the State of , duly authorized to transact business in Colorado, as Surety, are held and firmly bound unto the Obligee, in the sum of five per cent (5%) of the Principal’s total bid/proposal price, lawful money of the United States for the payment of which sum, well and truly to be made to the
Obligee, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
FURTHER THAT, a condition of the obligation that the Principal shall maintain their Bid/Proposal in full force and effect for thirty (30) days after the opening of the proposals for the project, or, if the Principal’s
Bid/Proposal is accepted, the Principal shall, within the prescribed time, execute the required
Agreement, furnish the required Performance Bond, Labor and Material Payment Bond, Maintenance
Bond, Insurance Policy, and Certificates of Insurance, then this obligation shall be null and void, otherwise it shall remain in full force and effect, and subject to forfeiture upon demand as Liquidated
Damages.
BID BOND
IN WITNESS WHEREOF said Principal and Surety have executed this Bond, this_________________.
PRINCIPAL ATTEST
(Corporate Seal) Company Name
Street Address
City, State, Zip Secretary
Signature Signature
Print Name and Title Print Name
SURETY (Corporate Seal)
Company Name
Attorney-in-Fact Secretary
Signature Signature
Print Name Print Name
SIGNATURES If the “Principal” is doing business as a Corporation, the Bid Bond shall be signed by an Officer (i.e.
President or Vice President). The signature of the Officer shall be attested to by the Secretary and properly sealed.
If the “Principal” is an individual or a partnership, the Bid Bond shall so indicate and be properly signed.
This bond must be accompanied by Power of Attorney, effectively dated. Failure to provide a properly executed bid bond with a properly executed Power of Attorney shall result in the Principal’s Bid/Proposal being deemed non-responsive.
File details come from the government source that posted it. Updated .