BID_BOND_FORM.pdf
PDF 84 KB Posted
- Attached to
- West 44th Avenue and Tabor Street Signal Poles
- Solicitation number
- 26-47
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Bid Bond Form for the City of Wheat Ridge, Colorado, related to ITB-24-150 for the Hayward Park Walking Trail project. The bid bond serves as a financial guarantee that the bidding contractor will execute a formal contract if their bid is accepted and will furnish performance and payment bonds as required. The form establishes a penal sum obligation, though the specific amount is not filled in the document provided. The bond conditions specify that the obligation becomes void if the bid is rejected or if the contractor accepts the contract award and fulfills all associated requirements, including executing the contract in the prescribed form and providing necessary performance and payment bonds.
The surety company executing the bid bond must be authorized to transact business in Colorado and must appear on the U.S. Treasury Department's current list of approved sureties (Circular 570 as amended). The document requires signatures and seals from both the principal contractor and surety, with corporate seals affixed if either party is a corporation. The surety's liability is limited to the stated penal amount, and the surety waives notice of any extensions granted to the owner for bid acceptance. This bond form is a standard requirement to demonstrate contractor financial responsibility and good faith participation in the competitive bidding process.
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Text version
BID BOND FORM
KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, (name and address of Contractor) as Principal, and
(name and address of surety) as Surety, are hereby held and firmly bound unto the City of Wheat Ridge as Owner in the penal sum of for the payment of which, well and truly to be made, we hereby jointly and severally bind ourselves, successors, and assigns.
Signed this day of , 2024
The condition of the above obligation is such that whereas the Principal has submitted to the City of Wheat Ridge a certain BID, attached hereto and hereby made a part hereof, to enter a contract in writing for the Project titled ITB- 24-150-Hayward Park Walking Trail
NOW, THEREFORE,
1. If said Bid shall be rejected or,
2. If said Bid shall be accepted and the Principal shall execute and deliver a contract in the Form of Contract attached hereto (properly completed in accordance with the said Bid) and shall furnish a Bond for his faithful performance of said Contract, and for the payment for all persons performing labor or furnishing materials in connection therewith and shall in all other respects perform the agreement created by the acceptance of said Bid.
Then this obligation shall be void, otherwise the same shall remain in force and effect; it being expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated.
The Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its Bond shall be in no way impaired or affected by an extension of the time within which the Owner may accept such Bid; and said Surety does hereby waive notice of any such extension.
IN WITNESS WHEREOF, the Principal and the Surety have hereunto set their hands and seals, and such of them as are corporations have caused their corporate seals to be hereto affixed and these presents to be signed by their proper officers, the day and year first set forth above.
(Principal/Contractor)
(Surety)
By:
IMPORTANT: Surety companies executing Bonds must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the State where the project is located.
File details come from the government source that posted it. Updated .