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This document serves as a bid bond for a project with the City of Aurora, ensuring that the principal will enter a contractual agreement upon being awarded the project and will provide the necessary
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How to fill out bid bond
How to fill out BID BOND
01
Obtain a BID BOND form from the project owner or their representative.
02
Fill in the project details, including the name of the project and the bid number.
03
Provide the name and address of the bidder (the company submitting the bid).
04
Specify the amount of the bid, which will be the penalty amount for the bond.
05
Include any required information about the surety company that will back the bond.
06
Sign and date the form, ensuring all required signatures are in place.
07
Submit the completed BID BOND form along with your bid proposal by the specified deadline.
Who needs BID BOND?
01
Contractors or vendors who are submitting bids for public or private projects.
02
Bidders who are required to guarantee their commitment to the terms of the bid.
03
Companies needing to ensure they can fulfill the contract if awarded the project.
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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 must submit as part of the bidding process for a construction or contracting project to guarantee that they will enter into a contract if awarded the project.
Who is required to file BID BOND?
Typically, contractors or companies that wish to bid on public or large private construction projects are required to file a bid bond as part of their bid submission.
How to fill out BID BOND?
To fill out a bid bond, the bidder needs to provide details such as the name of the principal (bidder), the penal sum of the bond, the name of the obligee (project owner), and sometimes project details. The bond must be signed by both the principal and a surety company.
What is the purpose of BID BOND?
The purpose of a bid bond is to protect the project owner from financial loss if the winning bidder fails to accept the contract or fails to provide the necessary performance bond.
What information must be reported on BID BOND?
A bid bond typically requires information such as the bond amount, project name, names of the contractor and surety, as well as any relevant dates, and signatures of the parties involved.
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