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This document serves as a bid bond for contractors submitting bids for the 2012 Fleish Flume Rebuild project. It outlines the obligations of the contractor and surety in ensuring that the contractor
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How to fill out bid bond
How to fill out BID BOND
01
Start by obtaining a blank BID BOND form from your contracting authority or a relevant source.
02
Fill in the name of the principal (the party submitting the bid) at the top of the form.
03
Enter the project name and a description of the work for which the bid is being submitted.
04
Specify the amount of the bid and the percentage that the BID BOND will cover.
05
Provide the name of the obligee (the entity requiring the BID BOND, usually the owner or contractor).
06
Include the date of the bond to ensure it’s valid for the duration of the project bidding process.
07
Sign the bond and ensure it is notarized if required.
08
Submit the completed BID BOND along with your bid proposal.
Who needs BID BOND?
01
Contractors or bidders who are submitting proposals for public or private construction projects typically need a BID BOND.
02
It is often required by owners or contracting authorities to ensure that the bidder will enter into a contract if awarded.
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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 submitted by a bidder to guarantee that the bidder will enter into a contract if selected and will provide the necessary performance and payment bonds.
Who is required to file BID BOND?
Typically, contractors or bidders submitting proposals for public works or large private contracts are required to file a BID BOND to ensure their commitment.
How to fill out BID BOND?
To fill out a BID BOND, you need to provide your business details, the amount of the bond, the project name, and the names of the surety company and the principal (the bidder).
What is the purpose of BID BOND?
The purpose of a BID BOND is to protect the project owner against losses in case the winning bidder fails to honor their bid and enter into the contract.
What information must be reported on BID BOND?
The BID BOND must report the bond amount, the project owner’s name, the bidder's name, the surety company’s details, and signatures from the bidder and surety representative.
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