Exhibit_M_-_Bonding_Requirements_24_CFR_PART_85.36.pdf
PDF 515 KB Posted
- Solicitation number
- 26-B-119KW
- Issued by
- Volusia County, Florida
About this file
This is a bonding requirements exhibit document, referenced as Exhibit M under 24 CFR Part 85.36, establishing mandatory compliance standards for federal grants and cooperative agreements administered to state, local, and federally recognized Indian tribal governments. The document outlines bonding obligations applicable to the CDBG-DR Lantern Park Stormwater Pond Construction project in Volusia County, Florida, which is funded by the U.S. Department of Housing and Urban Development's Community Development Block Grant for Disaster Recovery program to support recovery efforts from Hurricane Ian damage sustained in September 2022.
For all construction or facility improvement contracts and subcontracts exceeding the simplified acquisition threshold, contractors must provide a bid guarantee equivalent to five percent of the bid price in the form of a bid bond, certified check, or other negotiable instrument; a performance bond equal to 100 percent of the contract price to secure fulfillment of all contractor obligations; and a payment bond equal to 100 percent of the contract price to ensure payment of all laborers and material suppliers. Proof of bonding must be verified prior to issuance of the notice to proceed. The awarding agency may accept alternative bonding policies from the grantee or sub-grantee if the agency determines that its interests are adequately protected; otherwise, these minimum bonding requirements are mandatory.
View the file
Other files
Show all 39
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
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 M
https://www.hud.gov/sites/documents/24CFR85-36PROC.PDF
File details come from the government source that posted it. Updated .