SBP-6.14 BidBond.docx
DOCX document 18 KB Posted
- Solicitation number
- IFB1 PMAA 2027000014 1
- Issued by
- Denver County, Denver City, Colorado
About this file
This is a Bid Bond template document issued by the State of Colorado Office of the State Architect State Buildings Program for use in state construction projects. The bid bond serves as a guarantee that a bidding contractor will execute the required contract documents if their proposal is accepted. Bidders are required to submit a bid bond in an amount equal to five percent (5%) of their total proposal price as a condition of proposal acceptance. The principal must maintain their proposal in full force and effect for thirty (30) days following the opening of proposals. If the principal's proposal is accepted, they must execute the required agreement, furnish performance and labor/material payment bonds, provide insurance policies and certificates of insurance, and comply with all prescribed timelines.
The bid bond specifies that failure to meet these obligations will result in forfeiture of the bond amount as liquidated damages. The document requires that bid bonds be properly executed and notarized according to the principal's business structure: officers of corporations must sign with corporate seal and secretary attestation, while individuals and partnerships must sign accordingly. Critically, the surety's signature must be accompanied by a properly executed and effectively dated power of attorney document. The template explicitly states that failure to provide a properly executed bid bond with a properly executed power of attorney will render the bidder's proposal non-responsive and ineligible for consideration.
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Text version
STATE OF COLORADO
OFFICE OF THE STATE ARCHITECT
STATE BUILDINGS PROGRAM
BID BOND
Institution/Agency:
Project No./Name:
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, hereinafter called the “PRINCIPAL”, is submitting a PROPOSAL for the above described project, to the STATE OF COLORADO, hereinafter called the “OBLIGEE”.
WHEREAS, the Advertisement for Bids has required as a condition of receiving the Proposals that the Principal submit with the PROPOSAL GUARANTY in an amount not less than five per cent (5%) of the Proposal, which sum it is specifically agreed is to be forfeited as Liquidated Damages in the event that the Principal defaults in his obligation as hereinafter specified, and, in pursuance of which Requirement, this Bid is made, executed and delivered.
| NOW THEREFORE, the Principal and | a corporation of the State of | |
| , duly authorized to transact business in Colorado, as Surety, are held and firmly bound unto the Obligee, in the sum of five per cent (5%) of the Principal’s total bid price, lawful money of the United States for the payment of which sum, well and truly to be made to the Obligee, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. |
FURTHER THAT, a condition of the obligation that the Principal shall maintain his Proposal in full force and effect for thirty (30) days after the opening of the proposals for the project, or, if the Principal’s Proposal is accepted, the Principal shall, within the prescribed time, execute the required Agreement, furnish the required Performance Bond, Labor and Material Payment Bond, Insurance Policy, and Certificates of Insurance, then this obligation shall be null and void, otherwise it shall remain in full force and effect, and subject to forfeiture upon demand as Liquidated Damages.
IN WITNESS WHEREOF said Principal and Surety have executed this Bond, this day of , A.D., 20 .
(Corporate Seal)
THE PRINCIPAL
Company Name
ATTEST
Address (including city, state and zip)
Secretary
Phone number:
Name (Print)
Signature
Name (Print) and Title
SIGNATURES If the “Principal” is doing business as a Corporation, the Bid Bond shall be signed by an officer, i.e., President or Vice President. The signature of the officer shall be attested to by the Secretary and properly sealed.
If the “Principal” is an individual or a partnership, the Bid Bond shall so indicate and be properly signed.
| (Corporate Seal) | THE SURETY | |
| _____________________________________________ |
| By __________________________________________ | ||
| Secretary | Attorney-in-Fact |
THIS BOND MUST BE ACCOMPANIED BY POWER OF ATTORNEY, EFFECTIVELY DATED.
FAILURE TO PROVIDE A PROPERLY EXECUTED BID BOND WITH A PROPERLY EXECUTED POWER OF ATTORNEY WILL RESULT IN THE BIDDER’S PROPOSAL BEING DEEMED NON-RESPONSIVE.
SBP-6.14
Rev. 7/2022 image1.jpg
File details come from the government source that posted it. Updated .