Bidding - Bid Bond Form Blank 5%.pdf

Project Name:

BID BOND

KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned as Principal, and as Surety, are hereby held and firmly bound unto the City of Woodland Park, Colorado, 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.

THE CONDITION of this obligation is such that whereas the Principal has submitted to the City of Woodland Park, Colorado the accompanying Bid Proposal, and hereby made a part hereof to enter into a Contract Agreement for the construction of City of Woodland Park Project ________________________________________________ V

WHEREAS, the Owner, as a condition for receiving said Bid Proposal, requires the Principal to deposit with the Owner a Bid Proposal Guaranty, equivalent to not less than Five (5) Percent of the amount of said Bid Proposal.

NOW THEREFORE,

(A) If said Bid Proposal shall be rejected; or in the alternate,

(B) If said Bid Proposal shall be accepted and the Principal shall execute and deliver a Contract Agreement (properly completed in accordance with said Bid Proposal) and shall furnish a Performance and Payment Bond upon the forms prescribed by the Owner for the faithful performance of said Contract; and for the payment of 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 Proposal;

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 any 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, this day of , 2024, 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 SURETY

Name:

Address:

By:

Title: Attorney-in-Fact:

(SEAL)

NOTE: Surety Companies executing bonds must be authorized to transact business in the State of Colorado and be acceptable to the Owner.