Bid_Guarantee_Bond_Form.pdf
PDF 192 KB Posted
- Attached to
- Civic Plaza Building Exterior Painting Project
- Solicitation number
- CB-26-15079
- Issued by
- Santa Cruz County, California
About this file
This is a Bid Guarantee Bond Form for the City of Watsonville in California related to the Civic Plaza Building Exterior Painting Project located at 275 Main Street, Watsonville, CA 95076. The bond form establishes the requirements for contractors submitting bids on this exterior painting project, which involves painting the building's exterior to match the existing color scheme while preserving the tile mosaic art installation on the connected parking garage. Contractors must submit a bid guarantee bond with their proposals, and the selected contractor will be responsible for providing all labor, materials, equipment, and supervision necessary to complete the work in accordance with the project plans and specifications.
The bid guarantee bond must be in the amount of ten percent (10%) of the total bid amount submitted by the contractor. If awarded the contract, the principal contractor must execute and deliver a performance bond, payment bond, and evidence of insurance to the City within the timeframe specified in Section 3.4 of the General Provisions. The surety company issuing the bond must be licensed to do business in the State of California and acceptable to the City of Watsonville. The bond ensures that if the contractor fails to execute the required contract documents and bonds within the specified timeframe, the City may recover the penal sum equal to ten percent of the bid amount.
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Text version
BID GUARANTEE BOND
KNOW ALL MEN BY THESE PRESENTS:
THAT, ____________________________________________(Contractor's Name) hereinafter called the Principal, and , hereinafter called the Surety, are jointly and severally held and firmly bound unto the City of Watsonville, hereinafter called the Obligee, each in the penal sum of ten percent (10%) of the total amount of the bid of the Principal for the work, the sum not to exceed dollars, ($ ), of lawful money of the United States for the payment whereof unto the Obligee, the Principal and Surety jointly and severally bind themselves forever firmly by these presents.
WHEREAS, the Principal is herewith submitting its offer for the fulfillment of the Obligee's contract for construction of the
Project:
City Project Number:
, in Watsonville, California.
THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if the Principal is awarded the contract, and if the Principal, within the time specified in Section 3.4, "Execution of Contract," of the General Provisions for such contract, enters into, executes and delivers to the Obligee an agreement in the form provided herein complete with required evidences of insurance, and if the Principal within the time specified in Section 3.4, "Execution of Contract," of the General Provisions gives to the Obligee the faithful performance and payment bonds on the forms provided herein, then this obligation shall be void; otherwise, the Principal and Surety will pay unto the Obligee the penal sum of ten percent (10%) of the total amount of the bid of the Principal for the work.
AND IT IS HEREBY DECLARED AND AGREED that the Surety shall be liable under this obligation as Principal, and that nothing of any kind or nature whatsoever that will not discharge the Principal shall operate as a discharge or a release of liability of the Surety. The company or companies that issues the bond shall be licensed to do business in the State of California and shall be a company acceptable to the City.
IT IS HEREBY FURTHER DECLARED AND AGREED that this obligation shall be binding upon and insure to the benefit of the Principal, the Surety and the Obligee and their respective heirs, executors, administrators, successors and assigns.
SIGNED AND SEALED this day of , 20 .
Principal
(Seal)
Signature of Principal
Title of Signator
Surety
(Seal)
Signature for Surety
Title of Signator
Address of Surety
Telephone No. of Surety
File details come from the government source that posted it. Updated .