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HomeMy WebLinkAbout08 Proposal Bid Bond form Proposal Bid Bond KNOW ALL MEN BY THESE PRESENTS, That we, [Contractor] ____________________of [address] _______________________________________________________as Principal, and [Surety] __________________________________________________________ a corporation duly organized under the laws of the State of , and authorized to do business in the State of Washington, as Surety, are held and firmly bound unto the City of Renton in the sum of five (5) percent of the total amount of the bid proposal of said Principal for the work hereinafter described, for the payment of which, well and truly to be made, we bind ourselves, our heirs, executors, administrators and assigns, and successors and assigns, jointly and severally, firmly by these presents. The condition of this bond is such, that whereas the Principal herein is herewith submitting his/her or its sealed proposal for the following project, to wit: SE 172nd Street Green Stormwater Infrastructure (GSI) Project, SWP-27-4037 said bid and proposal, by reference thereto, being made a part hereof. NOW, THEREFORE, if the said proposal bid by said Principal be accepted, and the contract be awarded to said Principal, and if said Principal shall duly make and enter into and execute said contract and shall furnish performance bond as required by the City of Renton within a period of ten (10) days from and after said award, exclusive of the day of such award, then this obligation shall be null and void, otherwise it shall remain and be in full force and effect. IN THE EVENT the Principal, following award, fails to execute an Agreement with the City of Renton in accordance with the terms of the Proposal and furnish a performance bond with Surety or Sureties approved by the City of Renton within ten (10) days from and after said award, then Principal shall forfeit the Bid Bond/Bid Proposal Deposit or Surety shall immediately pay and forfeit to the City of Renton the amount of the Proposal Bid Bond, as set forth in RCW 35A.40.200 and RCW 35.23.352. IN TESTIMONY WHEREOF, the Principal and Surety have caused these presents to be signed and sealed this day of , . ________________________________ ________________________________ [Principal] [Surety] ________________________________ ________________________________ [Signature of authorized official] [Signature of authorized official] _____________________________ By:_____________________________ [Title] [Attorney-in-Fact] ________________________________ [Address] ________________________________ ________________________________ ________________________________ [Telephone Number] Approved by the City Attorney on 6/03/13 8. Proposal Bid Bond Form