PAYMENT_BOND.pdf
PDF 69 KB Posted
- Attached to
- Lakemont Center Drainage Improvements
- Solicitation number
- ITB-25-051
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Payment Bond template document for the City of Wheat Ridge, Colorado, required as part of the Lakemont Center Drainage Improvements project procurement (ITB-25-051). The bond secures contractor payment obligations for all labor, materials, and services related to the drainage improvements work, which includes removal and replacement of approximately 13 linear feet of 12-inch HDPE pipe, installation of a 48-inch diameter manhole, bypass pumping and dewatering operations, cleaning and camera inspection of storm pipes ranging from 4 to 12 inches, landscaping, asphalt and sidewalk replacement, curb and gutter work, concrete rundowns, sidewalk chases, and erosion control measures. The project has a completion timeline of 30 calendar days from the Notice to Proceed, with a mandatory pre-bid meeting scheduled for November 4, 2025, at 2:00 pm and bid submissions due on November 20, 2025, at 2:00 pm Mountain Time. The contract will be awarded to the lowest responsive and responsible bidder.
The payment bond must be executed by the contractor and a surety company authorized to conduct business in Colorado and appearing on the Treasury Department's current list (Circular 570, as amended). The bond amount is to be specified in the final contract documentation and protects all claimants furnishing materials or labor for the work, including subcontractors. The surety waives notice of any contract modifications, extensions of time, or specification changes. The bond date must not precede the contract date of 2024, and if the contractor is a partnership, all partners must execute the bond. Bidders must submit a 5% bid bond along with various compliance forms, and the City of Wheat Ridge will retain 5% of the contract value until final project completion. The project is funded through the city's Capital Improvement Program and requires compliance with the Keep Jobs in Colorado Act, mandating that at least 80% of labor be performed by Colorado workers.
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Text version
PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor)
A hereinafter called "PRINCIPAL", and
(Name of Surety)
(Address of Surety) hereinafter called "Surety", are held and firmly bound unto the City of Wheat Ridge, 7500 West 29th Avenue, Wheat Ridge, Colorado 80033, hereinafter called "Owner", in the penal sum of dollars
($ ) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the Owner, dated the day of , 2024, a copy of which is hereto attached and made a part hereof for the Project titled, [PROJECT NAME].
NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms, Subcontractors and corporations furnishing materials for or performing labor in the prosecution of the Work provided for in such contract, and any authorized extension or modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal and coke, repairs on machinery, equipment and tools, consumed or used in connection with the construction of such Work, and all insurance premiums on said WORK, and for all labor performed in such work whether by Subcontractor or otherwise, then this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract or to the Work to be performed or the Specifications accompanying the same shall in any wise affect its obligation on this Bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract or to the Work or to the Specifications.
*Insert "a corporation", "a partnership", or "an individual" as applicable.
IN WITNESS WHEREOF, this instrument is executed in one part, each of which shall be deemed an original, this the day of , 2024
ATTEST: PRINCIPAL
CORPORATE SECRETARY PRINCIPAL
ADDRESS BY
ADDRESS
(SEAL)
SURETY
ATTEST:
SURETY
ADDRESS BY (ATTORNEY IN FACT)
ADDRESS
Note: Date of Bond must not be prior to date of Contract. If Contractor is partnership, all partners should execute bond.
IMPORTANT: Surety companies executing bonds must appear on the Treasury Department's most current list (Circular 570, as amended) and be authorized to transact business in the State of Colorado.
File details come from the government source that posted it. Updated .