Bid_Bond.pdf
PDF 70 KB Posted
- Solicitation number
- CT227-05
- Issued by
- Ada County, Idaho
About this file
Bid Bond Summary
This is a Bid Bond document supporting a landscape improvement project on Linder Road in Idaho, spanning from State Street to Floating Feather Road. The project encompasses landscape planting and irrigation improvements within roadway swales, buffers, medians, roundabouts, and a basin, along with the installation of a tubular metal gate and fencing enclosure at the basin. The bid bond serves as a guarantee that the bidder will enter into a contract with the project owner if selected as the awarded contractor and will provide the required performance bond upon contract execution.
The bid bond establishes the bidder's financial commitment and good faith participation in the bidding process. As a standard surety instrument, it protects the project owner against bidders who fail to execute the contract after being awarded or who do not provide the required performance and payment bonds. The bond amount is typically calculated as a percentage of the total bid price and is held by the surety company on behalf of both the bidder and the project owner, ensuring compliance with contractual obligations and project specifications.
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Text version
BID BOND
KNOW ALL MEN BY THESE PRESENTS, that we ___________________________________ _____________________________________ of _____________________________________ as Principal, and ______________________________________________________________ as Surety, are held and firmly bound unto the Ada County Highway District (hereinafter called ACHD) in the full and penal sum of ten percent (10%) of the total amount of the proposal of said Principal for the work hereinafter described, for the payment of which will and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, firmly by these presents.
The condition of this obligation is such that whereas the Principal has this day submitted a sealed proposal for:
(Contract Name)
(Contract Number)
NOW, THEREFORE, if said Principal shall be awarded and shall duly make and enter into a contract with ACHD in accordance with the terms of said proposal and award, and shall within ten (10) days (not including Saturdays, Sundays and legal holidays) after presentation of the contract furnish Performance and Labor and Material Payment bonds, then this obligation shall be null and void; otherwise, it shall be and remain in full force and effect.
IN WITNESS WHEREOF, the above bounden parties have executed this instrument this _____ day of _______________, ________.
Witness: (if Individual or Firm)
Principal:
Attest: (if Corporation) By:
Title:
Corporate Seal:
Attest
Surety:
By:________________________________ (Signature)
(Print Name)
(Title)
SURETY AGENT'S POWER-OF-ATTORNEY MUST BE ATTACHED
NOTE:
This form is included for optional use by the Contractor and Bonding
C
SURETY AGENT'S POWER-OF-ATTORNEY MUST BE ATTACHED
File details come from the government source that posted it. Updated .