Doc EE Bind Bond.pdf
PDF 230 KB Posted
- Attached to
- 26-05 Wri922420D (Wright)
- Solicitation number
- 26-05 Wri922420D (Wright)
- Issued by
- Carroll County, Iowa
About this file
This is a Proposal Guarantee (Bid Bond) document issued by the Iowa Department of Agriculture and Land Stewardship, Division of Soil Conservation and Water Quality, for the Nutrient Reduction Wetland Project in Chickasaw County, Iowa (Project ID: Chi941410B, Bid No. 26-04). The bid bond serves as a financial guarantee that the principal will enter into a contract with the Division if their proposal is accepted. The bond requires the principal and surety to bind themselves jointly and severally to the State of Iowa for a penal sum to be specified in the bid submission. If the proposal is rejected, the bond obligation becomes null and void. However, if the proposal is accepted and the principal fails to enter into the contract as specified or fails to furnish the required performance bond within fourteen (14) days of award approval, the principal and surety forfeit the penal sum to the Division, with the surety's liability capped at the stated penal amount.
The bid bond amount must equal ten percent of the bid amount, consistent with standard bonding requirements for construction projects. The bond document requires signatures from both the principal and surety, with corporate seals affixed, and must be executed by authorized representatives pursuant to their governing bodies' authority. This bond is a precondition for bid submission and ensures contractor performance and financial accountability throughout the contract award and execution process.
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Text version
DOCUMENT EE
PROPOSAL GUARANTEE (BID BOND)
EE-1
as PRINCIPAL, as SURETY(S), Chi941410B Nutrient Reduction Wetland Project Bid No. 26-04
State of Iowa Iowa Department of Agriculture and Land Stewardship
DIVISION OF SOIL CONSERVATION AND WATER QUALITY
KNOW ALL PERSONS BY THESE PRESENTS:
That we, of and of are hereby held and firmly bound unto the State of Iowa in the penal sum of
______ /100 Dollars ($ . ) for the payment, whereof, the said PRINCIPAL and SURETY(S) bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
The conditions of this obligation are such that whereas the PRINCIPAL is herewith submitting to the Iowa Department of Agriculture and Land Stewardship, Division of Soil Conservation and Water Quality, hereinafter called the DIVISION its sealed contract for the following:
Nutrient Reduction Wetland Project Section 10, Township 94 North, Range 14 West, Chickasaw County, Iowa Project ID: Chi941410B Bid No. 26-04
NOW THEREFORE,
the conditions of this obligation are such that, if said proposal is rejected by the DIVISION, or if said proposal is accepted by the DIVISION and the PRINCIPAL shall enter into a contract in the form specified by the DIVISION in accordance with the terms of the Proposal and Schedule of Prices (Document CC) and shall furnish a bond for the faithful performance of said contract in the form specified by the DIVISION, this obligation shall be null and void. Otherwise, it shall remain in full force and effect.
In the event that the said proposal is accepted by the DIVISION and the PRINCIPAL fails to enter into the contract as defined herein or fails to furnish the performance bond as noted above, within fourteen (14) days of the approval of the award, the PRINCIPAL and SURETY(S) agree to forfeit to the DIVISION the penal sum herein mentioned, it being understood that the liability of the SURETY(S) shall in no event exceed the penal sum or this obligation.
IN WITNESS WHEREOF,
the above bounden parties have executed this instrument under their several seals this day of
, 20_______, the name and corporate seal of each party being hereto affixed and these presents duly signed by its undersigned representative pursuant to authority of its governing body.
PRINCIPAL SURETY
By By
Print Name:
If a partnership, all partners must sign.
END OF DOCUMENT EE
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