EXHIBIT 12 - BID BOND.pdf
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- Solicitation number
- OP141432
- Issued by
- California
About this file
This is a Bid Bond document for the Los Angeles County Metropolitan Transportation Authority (LACMTA) establishing bonding requirements for contractors bidding on LACMTA contracts. The bid bond must be submitted as part of the bidding process and must equal no less than ten percent (10%) of the total bid price. Upon award of a contract, the principal contractor is required to enter into a written contract agreement within the time and manner specified in the Invitation for Bids (IFB), provide performance and payment bonds, furnish a certificate of insurance, and provide documentation of an Alcohol and Drug-Free Workplace Program. The bid bond obligation becomes null and void upon satisfactory completion of these conditions.
The bond serves as a guarantee that the bidder will execute the contract if awarded. The surety is jointly and severally liable with the principal for all obligations. In the event LACMTA pursues legal action on the bond and obtains judgment, the surety is responsible for payment of all costs incurred, including reasonable attorneys' fees as determined by the court. The document requires execution and sealing by authorized representatives of both the principal and surety, with specific date fields for completion.
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Text version
and, EXHIBIT 12 - BID BOND
KNOW ALL MEN BY THESE PRESENTS:
THAT,
as Principal as Surety a re held firmly bound unto the LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY, hereinafter called LACMTA, in the sum of
_______________________________________________________________ DOLLARS ($),
(use words)
(figures) being not less than ten percent (10%) of the Total Bid Price; for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severably, firmly by these presents.
WHEREAS, said Principal has submitted a bid to LACMTA to perform all Work required under LACMTA's Invitation for Bids (IFB) Contract No. .
NOW, THEREFORE, if said Principal is awarded a Contract for the Work by LACMTA and, within the time and in the manner required by the Invitation for Bids (IFB), enters into the written Contract Agreement bound with said IFB and furnishes the required bonds, one to guarantee faithful performance and the other to guarantee payment for labor and materials, and furnishes the required certificate of insurance and Alcohol and Drug-Free Workplace Program, then this obligation shall be null and void; otherwise, it shall remain in full force and effect. In the event suit is brought upon this Bond by LACMTA and judgment is recovered, said Surety shall pay all costs incurred by LACMTA in such suit, including reasonable attorneys' fees to be fixed by the court.
SIGNED AND SEALED, this _________ day of _______________________ , 20_____
(SEAL) (SEAL)
Principal Surety
BY: Signature BY: Signature
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