BID_BOND_FORM.pdf
PDF 166 KB Posted
- Attached to
- 32nd Avenue Bike Lanes
- Solicitation number
- ITB-25-031
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This document is a Bid Bond Form for a contract opportunity with the City of Wheat Ridge, Colorado, related to the 32nd Avenue Bike Lanes project. The bid bond serves as a financial guarantee that the bidding contractor will enter into the contract if awarded and provide necessary performance bonds. The project involves extending bike facilities along 32nd Avenue from Wright Court to west of I-70, including bike lane additions, signal detection improvements, and potential pavement width adjustments. The project has a completion timeline of 65 working days and requires the contractor to submit this bid bond as part of the bidding process.
The bid bond form indicates that the surety company executing the bond must be listed on the Treasury Department's current list (Circular 570) and authorized to do business in Colorado. The bond amount is not specified in this template, but it serves as a protection for the City of Wheat Ridge, ensuring that if the bidder is selected and fails to follow through with the contract, the surety will be financially responsible. The form provides a standard legal framework for the bid bond, outlining the conditions under which the bond may be voided or remain in effect, and includes provisions for potential time extensions in the bidding process.
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Text version
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
[PROJECT NAME HERE]
NOW, THEREFORE,
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
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 .