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This document serves as a bid bond issued by the Principal and Surety to the City of Aurora, ensuring the completion of a contract for the South Satellite Storage Shed Replacement project, and outlines
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How to fill out bid bond
How to fill out BID BOND
01
Obtain the BID BOND form from the relevant authority or organization.
02
Fill in the project name and number at the top of the form.
03
Provide the name and address of the bidder.
04
Enter the amount of the bond, usually a percentage of the total bid amount.
05
Include the name of the surety company that will underwrite the bond.
06
Sign the form where indicated, ensuring all required signatories are present.
07
Attach any required supporting documentation as specified in the bid instructions.
08
Submit the completed BID BOND with the bid proposal before the specified deadline.
Who needs BID BOND?
01
BID BOND is required by contractors bidding on public or private construction projects.
02
It is needed by entities that require financial assurance that the bidder will honor their bid.
03
Public agencies and organizations often need BID BOND from bidders as a part of their bid submission.
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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 security document issued by a bank or bonding company to ensure that a bidder will honor their bid and execute the contract if awarded.
Who is required to file BID BOND?
Typically, contractors and subcontractors bidding on public projects or certain private 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, provide the required information such as the project name, bid amount, the principal (bidder's name), the surety company, and signatures from both the principal and the surety.
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 complete the project.
What information must be reported on BID BOND?
The bid bond should report information including the name of the principal, the name of the surety, the project title, the bid amount, and conditions under which the bond is applicable.
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