Bid bonds are regularly used by public entities such as school districts to ensure that a vendor submitting a bid will enter into a contract with the public entity and provide required payment and/or performance bonds if they are selected as the awarded vendor. A bid bond may be required for certain BISD bid solicitations. The requirement for a bid bond will be clearly stated within the bid documents.
Bid bonds submitted for BISD solicitations must meet the following requirements:
- The bid bond must accompany the vendor’s bid response. Bid bonds will not be accepted after the bid due date & time.
- The bid bond must be an original, with an embossed seal of the bonding company. Copies of bid bonds, or bid bonds that have been altered will not be accepted.
- The bid bond must state the name of the vendor submitting the bid response and the name of the bonding company.
- The bid bond must name Brownsville Independent School District as the obligee, the entity to which the vendor is being bound to.
- The bid bond must state the dollar sum or percentage of bid amount that the bid bond is for. The standard amount is 5% of the contract total, but refer to the bid documents to be certain.
- The bid bond must indicate clearly which specific project the bond is for, for example “BISD CSP #21-123 – Chiller Replacement at ABC High School”. The project listed should be as specific as possible. Generic or ambiguous project information may subject the bid to rejection.
- The bid bond must be signed and dated by the vendor’s representative, by the bonding company and by witnesses as indicated on the bid bond document.
For further information on bonding please contact:
Mr. Corpus J. Zorola, CTSBS, CTPM