Bid Bond pages 14-15.pdf
PDF 81 KB Posted
- Attached to
- City Hall Courtyard Improvements
- Solicitation number
- 146070
- Issued by
- Ventura County, California
About this file
This is a Bid Bond document for Project CH-5177, City Hall Courtyard Improvements, submitted to the City of Camarillo, California. The bid bond serves as a financial guarantee that the contractor will enter into a contract with the City upon acceptance of their bid and will provide all required bonds, certificates, and other documents as specified in the Notice Inviting Bids and contract documents. The bond is conditioned on the contractor's performance of these obligations, with the City retaining the right to apply the security toward any cost differential between the low bid and the next lowest qualifying bidder should the principal contractor fail to execute the contract or provide required documentation.
The bid bond amount must equal no less than ten percent (10%) of the total bid amount. The surety is required to be a corporation authorized to transact business in California and must execute the bond jointly and severally with the contractor as principal. All signatures on the bid bond must be notarized using an appropriate 8" x 11" notary acknowledgement form, and corporations must affix their corporate seal. The City retains the right to recover all costs and reasonable attorney's fees from the surety should litigation become necessary to enforce the bond obligations. The related bid package specifies insurance requirements of $2 million/$4 million as outlined in the complete bid conditions.
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Text version
Project No. CH-5177
CH-5177 BID PROPOSAL
- 14 -
BID BOND
(not necessary when certified check or cash accompanies bid)
PROJECT TITLE: CITY HALL COURTYARD IMPROVEMENT________________________________
WHEREAS,
(“Contractor”) intends to submit a bid to the City of Camarillo, California, a municipal corporation (“City”), for the work identified as follows:
NOW, THEREFORE, we, the Contractor, as Principal, and a corporation organized and existing under the laws of the State of and duly authorized to transact business under the laws of the State of California, as Surety, are held and firmly bond unto City in the sum of dollars ($ ) lawful money of the United States of America, such sum being not less than ten percent (10%) of the bid amount for the payment of which sum to be made, the Principal and Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if City accepts the bid of the Principal and enters into a contract in accordance with the terms of the bid, the Principal must give the bonds, certificates and other documents as required by the Notice Inviting Bids or the other contract documents. In the event Principal fails to enter into such contract or provide the bonds, certificates or other documents, City may apply this security to the difference between the low bid and the next lowest bidder with whom City contracts to perform the work covered by the bid; the surplus, if any, will be returned to Surety. In case suit is brought upon this bond, the court will fix and award and the Surety must pay, in addition to the face amount hereof, all costs and reasonable attorney’s fees incurred by City in successfully enforcing the obligations of this bond.
Project No. CH-5177
CH-5177 BID PROPOSAL
- 15 -
IN WITNESS THEREOF, we have hereunto set our hands and seals this day of , 20 .
(affix seal below) [PRINCIPAL]
By
Title
(affix seal below) [SURETY]
By
Title
Address
[P.C.C. §§ 20170, 20171]
* ALL SIGNATURES ON THIS BID BOND MUST BE NOTARIZED USING APPROPRIATE 8 ½”
x 11” NOTARY ACKNOWLEDGEMENT FORM.
** Corporations must affix corporate seal.
File details come from the government source that posted it. Updated .