EXHIBIT 15 - BID BOND.pdf
PDF 180 KB Posted
- Attached to
- Corrosion Control System Upgrades
- Solicitation number
- OP138382(2)
- Issued by
- California
About this file
Bid Bond Exhibit Summary
This is a Bid Bond exhibit document used by state and local government agencies as a required financial instrument for competitive bidding processes. The bid bond serves as a guarantee that a bidder will enter into a contract if awarded and will provide the required performance bond and payment bond within the specified timeframe. The document establishes the bidder's obligation to the government entity and defines the conditions under which the bonding company becomes liable. The bid bond amount is typically set as a percentage of the total bid amount, commonly ranging from 5 to 10 percent, and must be submitted with the bid submission to ensure bidder good faith and financial responsibility.
The bid bond requires a bonding company or surety to guarantee that the named bidder will comply with all bid conditions and execute the contract if selected as the lowest responsive bidder. If the bidder fails to execute the contract or provide the required performance and payment bonds within the specified period, the surety becomes liable for the difference between the bidder's bid amount and the amount for which the contract is subsequently awarded to another bidder, up to the full amount of the bond. The bond remains in effect until the contractor provides the required performance and payment bonds, at which point the bid bond is released. This instrument protects the government entity from financial loss due to bidder non-performance and ensures that only financially qualified contractors participate in the competitive bidding process.
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Text version
and, EXHIBIT 15 - 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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