Bid_Bond_Form_(1).pdf

114 KB Posted

Attached to
Taxiway S (East) Reconstruction Project
Solicitation number
2025-IFB-067
Issued by
San Bernardino County, California

About this file

Written by GovTribe AI ·

This document is a Bid Bond for the Ontario International Airport Authority (OIAA) in the State of California. The bid bond serves as a financial guarantee that if the Principal (bidder) is awarded the contract and fails to enter into the contract or execute required bonds within 30 days of award, they will pay liquidated damages equal to 10% of the aggregate bid amount. The bond protects the OIAA by ensuring the bidder's commitment to proceed with the contract after being selected.

The bid bond requires notarization and must include corporate seals. The Principal and Surety are jointly obligated to the OIAA, with the bond covering the bidder's potential failure to fulfill contractual obligations. The document provides a standard template for bidders to complete, including spaces for Principal and Surety signatures, titles, and notary verification. A key requirement is that the Attorney-in-Fact for the Surety must attach a Power of Attorney to the bond.

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BID BOND

(Not required if certified or cashier's check accompanies the bid)

KNOW ALL MEN BY THESE PRESENTS

THAT WE, ____________________________

as Principal, and authorized and licensed to transact business In the State of California, as Surety, do hereby acknowledge ourselves to be held and obligated as joint Obligors to the Ontario International Airport Authority, as Obligee, in the sum of ten percent (10%) of the aggregate amount bid by the principal. Said Principal and Surety do hereby bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally by this bond.

WHEREAS, said Principal is about to submit to the Chief Executive Officer of the OIAA the foregoing bid or proposal for performance of the work therein mentioned, which includes the furnishing of all materials in compliance with the specifications and plans, if any, under the Notice Inviting Bids/Proposals from said Chief Executive Officer.

NOW, THEREFORE, if the bid or proposal of the Principal is accepted and awarded to said Principal by the OIAA and if said Principal fails or neglects to enter into a contract and/or to execute the required bonds in connection with the contract within thirty (30) days after the contract is awarded to said Principal, then, the above-named Obllgors shall pay to said Obligee the aforementioned sum of ten percent (10%) of the aggregate amount bid, as liquidated damages for such failure or neglect.

THIS AGREEMENT shall be binding on the Principal and Surety executing the same, their legal representatives, successors, and assigns.

EXECUTED this day of , 20_________

(CORP. SEAL)

PRINCIPAL

By____________________________ Signature/Title

By____________________________ Signature/Title

(CORP. SEAL)

Notary

SURETY

By _________________________________ Attorney-in-Fact

NOTE: ALL SIGNATURES MUST BE NOTARIZED AND CORPORATE SEALS AFFIXED TO

THIS BOND. ATTORNEY-IN-FACT MUST ATTACH A POWER OF ATTORNEY FROM THE

SURETY.

#200005

KNOW ALL MEN BY THESE PRESENTS
(CORP. SEAL)
(CORP. SEAL)
NOTE: ALL SIGNATURES MUST BE NOTARIZED AND CORPORATE SEALS AFFIXED TO THIS BOND. ATTORNEY-IN-FACT MUST ATTACH A POWER OF ATTORNEY FROM THE SURETY.

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