Bonding_Requirements_24_CFR_PART_85.36_(5).pdf
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- Solicitation number
- 26-B-120KW
- Issued by
- Volusia County, Florida
About this file
This is a bonding requirements document issued under 24 CFR Part 85.36 by the federal government, applicable to Volusia County's Office of Recovery and Resiliency in Florida for a HUD Community Development Block Grant for Disaster Recovery (CDBG-DR) funded construction project. The document outlines mandatory bonding compliance requirements that must be satisfied prior to issuance of a notice to proceed for construction or facility improvement contracts and subcontracts exceeding the simplified acquisition threshold. The specific project involves Ridgewood Flood Mitigation improvements intended to aid in Volusia County's recovery from Hurricane Ian damage sustained in September 2022.
Contractors bidding on this project must provide a bid guarantee equivalent to five percent of the bid price in the form of a firm commitment such as a bid bond, certified check, or other negotiable instrument. Upon contract award, the contractor is required to furnish a performance bond equal to 100 percent of the contract price to secure fulfillment of all contractual obligations, and a payment bond equal to 100 percent of the contract price to assure payment to all labor and material suppliers. Proof of bonding will be verified by the awarding agency prior to issuance of the notice to proceed. These bonding requirements are mandatory unless the awarding agency has made a formal determination that its interests are adequately protected under alternative bonding policies of the grantee or subgrantee.
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Text version
24 CFR PART 85.36 Administrative Requirements for Grants and Cooperative Agreements to State, Local and Federally Recognized Indian Tribal Governments
Compliance with the following bonding requirements is mandatory.
Proof of bonding will be verified prior to issuance of the notice to proceed.
(h) Bonding requirements.
For construction or facility improvement contracts or subcontracts exceeding the simplified acquisition threshold, the awarding agency may accept the bonding policy and requirements of the grantee or sub grantee provided the awarding agency has made a determination that the awarding agency's interest is adequately protected. If such a determination has not been made, the minimum requirements shall be as follows:
(1) A bid guarantee from each bidder equivalent to five percent of the bid price. The bid guarantee shall consist of a firm commitment such as a bid bond, certified check, or other negotiable instrument accompanying a bid as assurance that the bidder will, upon acceptance of his bid, execute such contractual documents as may be required within the time specified.
(2) A performance bond on the part of the contractor for 100 percent of the contract price. A performance bond is one executed in connection with a contract to secure fulfillment of all the contractor's obligations under such contract.
(3) A payment bond on the part of the contractor for 100 percent of the contract price. A payment bond is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract.
EXHIBIT L
https://www.hud.gov/sites/documents/24CFR85-36PROC.PDF
File details come from the government source that posted it. Updated .