BID_BOND_FORM.pdf
PDF 84 KB Posted
- Attached to
- Lakemont Center Drainage Improvements
- Solicitation number
- ITB-25-051
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This document is a Bid Bond Form for the City of Wheat Ridge, specifically for the ITB24-150-Hayward Park Walking Trail project. The bid bond serves as a financial guarantee that the principal (contractor) will honor their bid submission and, if awarded the contract, will execute the necessary contractual documents and performance bonds. The project involves the construction of a walking trail at Hayward Park, though specific details about the trail's length, design, or scope are not provided in this document.
The bid bond outlines the financial obligations of both the principal and the surety, with the surety agreeing to be responsible if the principal fails to fulfill bid requirements. The form indicates that the surety must be listed on the Treasury Department's current list (Circular 570) and authorized to do business in the state where the project is located. While the exact penal sum (total bond amount) is not specified in the template, the bond provides a financial protection mechanism for the City of Wheat Ridge to mitigate risks associated with the bidding and contract award process for the walking trail project.
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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 .