Bid_Guarantee_Bond_Form.pdf
PDF 192 KB Posted
- Attached to
- LEE ROAD TRAIL - PHASE 1 State and local contract opportunity
- Solicitation number
- CT-24-14860; FED. NO. 5031(040)
- Issued by
- Santa Cruz County, Torrance City, California
About this file
This document is a Bid Guarantee Bond for a City of Watsonville construction project. The bond serves as a financial guarantee that the principal (contractor) will fulfill contract requirements if awarded the project. Specifically, the bond commits the principal and surety to pay ten percent (10%) of the total bid amount to the City of Watsonville if the contractor fails to execute the contract, provide required insurance evidence, or submit performance and payment bonds within the specified timeframe outlined in Section 3.4 of the General Provisions.
The bond requires that the surety company be licensed to do business in California and be acceptable to the City. It provides legal protection for the City by ensuring financial recourse if the selected contractor does not follow through with contract obligations. The document includes signature lines for the principal and surety, with spaces for date, title, address, and contact information, allowing the bond to be completed when a specific contractor is selected for the project.
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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 .