Bid_Guarantee_Bond_Form.pdf
PDF 192 KB Posted
- Attached to
- Airport Reservoir Rehabilitation Project
- Solicitation number
- WA-26-14826
- Issued by
- Santa Cruz County, California
About this file
This is a Bid Guarantee Bond Form for the City of Watsonville, California, relating to the Airport Reservoir Rehabilitation Project. The bond form establishes the requirements for contractors submitting bids on this construction project. Bidders are required to submit a bid guarantee bond with their proposals. The bond must be executed within the timeframe specified in Section 3.4 "Execution of Contract" of the General Provisions. Upon award of the contract, the successful bidder must provide faithful performance and payment bonds as specified in the contract documents. 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 bid guarantee bond is set at ten percent (10%) of the total bid amount, with the penal sum not to exceed a specified dollar amount to be filled in by the bidder. The bond serves as security to ensure the Principal executes the contract and provides the required performance and payment bonds within the specified timeline. If the Principal fails to meet these conditions, the City of Watsonville may claim the penal sum. The surety assumes full liability equal to the Principal and cannot be released from obligation through any action that would not also discharge the Principal. The bond obligates the Principal and Surety jointly and severally and is binding upon their respective heirs, executors, administrators, successors, and assigns.
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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 .