Exhibit K Bid Bond.pdf
PDF 119 KB Posted
- Attached to
- Sylvan Road North Sidewalk
- Solicitation number
- ITB 2026-1898
- Issued by
- Fulton County, Georgia
About this file
This document is a Bid Bond exhibit from the City of East Point, Georgia, detailing the requirements and conditions for bid security. The exhibit outlines that contractors must furnish a bid bond to the owner, with each bond setting forth a penal sum of at least 10% of the contract price. The bond serves to protect the City in case of bidder default, which occurs if the bidder fails to deliver the executed agreement and required performance and payment bonds within the specified timeframe.
The document provides detailed provisions for bond execution, including payment terms, notice requirements, and alternative bid security options. Notably, bidders can use a certified or cashier's check in lieu of a bid bond, but it must be drawn on a bank doing business in Georgia and made payable to the City of East Point. Personal or company checks are not acceptable. If a cashier's check is used, a certificate from an approved surety company guaranteeing execution of performance and payment bonds for the full bid amount must accompany the bid. All terms are governed by the laws of the State of Georgia, and any legal actions must be commenced in a Georgia court of competent jurisdiction.
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Text version
Exhibit “K”
Bid Bonds
The Contractor shall furnish a bid bond to the Owner.
1. Each bond shall set forth a penal sum in an amount not less than ten percent (10%) of the Contract Price.
2. Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to pay to the City upon Default of Bidder the penal sum set forth on the face of this Bond.
3. Default of Bidder shall occur upon the failure of Bidder to deliver within the time required by the Bidding Documents (or any extension of that time agreed to in writing by the City) the executed Agreement required by the Bidding Documents and any performance and payment Bonds required by the Bidding Documents.
4. This obligation shall be null and void if:
a. The City accepts Bidder’s Bid and Bidder delivers within the time required by the Bidding Documents (or any extension of that time agreed to in writing by the City) the executed Agreement required by the Bidding Documents and any performance and payment Bonds required by the Bidding Documents;
b. All Bids are rejected by the City;
5. Payment under this Bond will be due and payable upon Default by Bidder within 30 calendar days after receipt by Bidder and Surety of a written Notice of Default from the City, which Notice will be given with reasonable promptness and will identify this Bond and the Project and include a statement of the amount due.
6. Surety waives notice of, as well as any and all defenses based on or arising out of, any time extension to issue a Notice of Award agreed to in writing by the City and Bidder, provided that the total time, including extensions, for issuing a Notice of Award shall not in the aggregate exceed 120 days from Bid due date without Surety’s written consent.
7. No suit or action shall be commenced under this Bond either prior to 30 calendar days after the Notice of Default required in paragraph 4 above is received by Bidder and Surety or later than one year after Bid due date.
8. Any suit or action under this Bond shall be commenced only in a court of competent jurisdiction located in the State of Georgia.
9. Notices required hereunder shall be in writing and sent to Bidder and Surety at their respective addresses shown on the face of this Bond. Such notices may be sent by personal delivery, commercial courier or by United States Registered or Certified Mail, return receipt requested, postage pre-paid, and shall be deemed to be effective upon receipt by the party concerned.
10. Surety shall cause to be attached to this Bond a current and effective Power of Attorney evidencing the authority of the officer, agent or representative who executed this Bond on behalf of Surety to execute, seal and deliver such Bond and bind the Surety thereby.
11. This Bond is intended to conform to all applicable statutory requirements. Any applicable requirement of any applicable statute that has been omitted from this Bond shall be deemed to be included herein as if set forth at length. If any provision of this Bond conflicts with any applicable statute, then the provision of said statute shall govern and the remainder of this Bond that is not in conflict therewith shall continue in full force and effect.
12. The term “Bid” as used herein includes a Bid, offering or proposal, as is applicable under the particular circumstances.
13. The terms of this Bid Bond shall be governed by the laws of the State of Georgia.
14. Certified/Cashier's Check: A certified check, or cashier’s check may be used in lieu of a Bid Bond. If a cashier's check is used in lieu of a Bid Bond, the cashier's check must be drawn on a bank doing business in the State of Georgia and made payable to the City of East Point. Note that personal or company checks are not acceptable as bid security. If a cashier’s check is used in lieu of a Bid Bond or if the Bid Bond does not specifically soprovide, a certificate from an approved surety company guaranteeing execution of performance and payment bonds in the full amount of the bid, must accompany the bid.
File details come from the government source that posted it. Updated .