HomeMy WebLinkAboutFORM OF BID BOND_Rev_0Dollars ($,
of which sum will and truly be made, we bind ourselves, our heirs, executors, administrators, and successors, jointly
and severally, firmly by these presents. The condition of this obligation is such that whereas the Principal has
submitted the accompanying bid dated the
_______________________20_____for _
., A.D. 2019.
Five Sullivan Brothers CC Kitchen Plmb Improvements 00 41 00
City of Waterloo FORM OF BID BOND
INVISION #16021 1 of 2
FORM OF BID BOND
KNOW ALL MEN BY THESE PRESENTS, that we,
as Principal, and
as Surety are held and firmly bound unto the CITY OF WATERLOO , Iowa, hereinafter called
"OWNER." In the penal sum
Dollars ($ ) lawful money of the United States, for the payment
of which sum will and truly be made, we bind ourselves, our heirs, executors, administrators, and successors, jointly
and severally, firmly by these presents. The condition of this obligation is such that whereas the Principal has
submitted the accompanying bid dated the day of
, 20 , for
.
NOW, THEREFORE,
(a) If said Bid shall be rejected, or in the alternate,
(b) If said Bid shall be accepted and the Principal shall execute and deliver a contract in the form specified and shall
furnish a bond for his faithful performance of said contract, and for the payment of all persons performing labor or
furnishing materials in connection therewith, and shall in all other respects perform the agreement created by the
acceptance of said Bid,
Then this obligation shall be void, otherwise the same shall remain in force and effect; it being expressly understood
and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal
amount of this obligation as herein stated.
By virtue of statutory authority, the full amount of this bid bond shall be forfeited to the Owner in liquidation of
damages sustained in the event that the Principal fails to execute the contract and provide the bond as provided in
the specifications or by law.
The Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be
in no way impaired or affected by any extension of the time within which the Owner may accept such Bid or execute
such contract; and said Surety does hereby waive notice of any such extension.
IN WITNESS WHEREOF, the Principal and the Surety, have hereunto set their hands and seals, and such of them
as are corporations, have caused their corporate seals to be hereto affixed and these presents to be signed by their
proper officers this day of , A.D. 2019.
(Seal)
Principal
By (Title)
(Seal)
Witness Surety
By
Witness Attorney-in-fact