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This document serves as a bid bond for contractors submitting their bids for public projects in the City of Aurora, ensuring that they will follow through with the contract if awarded.
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How to fill out bid bond
How to fill out BID BOND
01
Obtain a Bid Bond form from your project owner or a bonding company.
02
Fill in the project name and description on the form.
03
Include the name and address of the bidder (your company).
04
Specify the amount of the bid and the required bond amount (usually a percentage of the bid).
05
Sign the form, and have it notarized if required.
06
Attach any supporting documents as requested (e.g., proof of financial capability).
07
Submit the completed Bid Bond with your bid proposal before the deadline.
Who needs BID BOND?
01
Contractors who wish to bid on construction projects.
02
Businesses participating in government or public sector contracts.
03
Companies required to provide financial assurance to the project owner.
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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 is issued to ensure that a bidder will enter into a contract if awarded and will provide the necessary performance and payment bonds.
Who is required to file BID BOND?
Typically, contractors participating in a bidding process for public works or construction projects 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, providing required information such as the project details, bidding amount, and signatures from the 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 financial loss if the bidder fails to enter into the contract after winning the bid.
What information must be reported on BID BOND?
A BID BOND must include the principal's name, the surety's name, the project information, the bid amount, and signatures from both the principal and the surety.
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