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This document serves as a bid bond for contractors bidding on the Exposition Park Pump Station Improvements project in Aurora, Colorado, detailing the obligations of the Principal and Surety and the
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How to fill out bid bond
How to fill out BID BOND
01
Obtain the appropriate BID BOND form from the contracting agency.
02
Fill in the name of the bidder (your company).
03
Provide the project name and number specified in the bid.
04
Include the bond amount, which is usually a percentage of the total bid.
05
Write the bidder's address and contact information.
06
Sign the bond, typically by an authorized representative of the company.
07
Include any required supporting documents, such as proof of financial capability.
08
Submit the completed BID BOND along with your bid proposal by the deadline.
Who needs BID BOND?
01
Contractors and suppliers participating in a bidding process for public or private projects.
02
Businesses that are required to secure a bond as part of the bid submission.
03
Entities bidding on projects that stipulate a BID BOND as part of the procurement process.
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People Also Ask about
What is a 5% bid bond?
The amount of a bid bond – also known as the penal sum – is usually a percentage of your total estimated project cost — most commonly 5% to 10% of the bid amount. Example: If you're bidding on a $500,000 job and the requirement is a 10% bond, you'll need a $50,000 bid bond.
What does a 10% bid bond mean?
Generally, this percentage is between 5 and 10%. For example, for a $500,000 bid, the contractor will have to secure a bid bond for $50,000. That $50,000 serves as a guarantee that the contractor will complete the project for the $500,000 bid value.
Do you get your money back on a bid bond?
The bond money pays the premium to the bonding company to put up a bond for the duration of the project. Typically the fee is about 1% of the project and no the fee is not returned.
What is a bid bond in court?
California bid bonds are required for public works contracts when the anticipated contract exceeds $25,000. For federal projects, all bidders are required to submit bid bonds under the Miller Act. Bid bonds are not generally required for private contracts but may be required by certain lending institutions.
How does a 5% bid bond work?
A $100,000 construction contract will need a $5,000 bond if it's a 5% bid bond requirement. That means you will need a $10,000 bond if it's a 10% bid bond requirement. Now, bid bonds are usually much smaller than the total costs in the contract.
Do you get your bid bond back?
If the Bidder is not awarded any item, the bid bond or check furnished with the bid will be returned immediately upon award of the bid or as detailed in the specifications.
What are the benefits of a bid bond?
Bid bonds are important in construction projects. They protect the project owner by ensuring the winning contractor will follow through. If the contractor fails to enter into a contract per the bid, the bond compensates the owner for the difference between the winning bid and the next lowest bid.
How does a bid bond protect the owner?
Bid bonds can be the key to a contractor getting an opportunity to pursue a project, and they ultimately protect the project owner by discouraging contractors from submitting inappropriately low bids to win a contract.
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What is BID BOND?
A bid bond is a type of surety bond that a bidder submits along with their bid proposal to ensure that the bidder will enter into the contract if awarded the bid.
Who is required to file BID BOND?
Typically, contractors who are bidding on public works or government contracts are required to file a bid bond.
How to fill out BID BOND?
To fill out a bid bond, the bidder must complete the bond form with their details, including the project name, bid amount, and provide signatures from both the principal (bidder) and the surety company.
What is the purpose of BID BOND?
The purpose of a bid bond is to protect the project owner from potential losses if the winning bidder does not honor their bid or fails to execute the contract after being awarded.
What information must be reported on BID BOND?
The information that must be reported on a bid bond includes the bond amount, the name and address of the contractor, the project details, the name of the surety company, and signatures of all relevant parties.
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