A Bid Bond Tender Guarantee is a crucial document in U.S. public and private sector procurement processes. It serves as a risk management tool that protects project owners from bidders who might withdraw their bids or fail to execute the contract if awarded. The bond amount typically ranges from 5-10% of the bid value and can be called upon if the winning bidder fails to proceed with the contract. This document is particularly important in construction and government contracting, where it's often mandated by federal laws like the Miller Act and state regulations. The bond remains active during the bid evaluation period and expires either upon contract award to another bidder or when the principal enters into the contract.
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1. Parties: Identifies the Principal (bidder), Surety (guarantor), and Obligee (project owner)
2. Background: Details of the project being bid on and the tender requirements
3. Definitions: Key terms used in the bond document including Principal, Surety, Obligee, Bid, and Bond Amount
4. Bond Amount: Specific sum guaranteed under the bond (typically 5-10% of bid amount)
5. Conditions of the Bond: Circumstances under which the bond becomes payable, including failure to execute contract or withdraw bid
6. Duration: Validity period of the bond and conditions for expiry
7. Governing Law: Specification of applicable federal and state laws governing the bond
1. Alternative Dispute Resolution: Optional procedures for resolving disputes through mediation or arbitration before litigation
2. Step-in Rights: Provisions allowing the Surety to take over the bid if the Principal defaults
3. Claims Procedure: Detailed process for making claims against the bond
1. Schedule A - Bid Details: Detailed information about the bid including pricing, scope, and project specifications
2. Schedule B - Power of Attorney: Document authorizing the surety's representative to execute the bond
3. Schedule C - Principal's Financial Information: Required financial statements or evidence of Principal's financial capacity
4. Schedule D - Bond Forms: Standard bond forms required by the relevant jurisdiction or authority
Relevant legal definitions
Clauses
Relevant Industries
Construction
Government Contracting
Public Works
Defense
Relevant Teams
Procurement
Legal
Finance
Risk Management
Operations
Relevant Roles
Procurement Manager
Project Manager
Contract Administrator
Risk Manager
Chief Financial Officer
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