Form of Proposal Bond Clause Samples
The 'Form of Proposal Bond' clause defines the required format and content for a bond that must be submitted with a proposal, typically as a guarantee of the bidder's commitment. This clause specifies the acceptable structure, parties involved, and the conditions under which the bond is valid, often referencing a standard template or requiring certain legal language. Its core function is to ensure that all bidders provide a uniform and enforceable financial assurance, thereby protecting the project owner from the risk of bidders withdrawing or failing to honor their proposals.
Form of Proposal Bond. A proposal bond in the amount of $50 million and in the form of Form K shall be provided by a Surety rated in the top two categories by two nationally recognized rating agencies or at least A minus (A-) or better and Class VIII or better by A.M. Best and Company. The proposal bond shall be subject to forfeiture in accordance with ITP Section 4.8. Each proposal bond will be retained until the Development Agreement Documents and CMA Documents have been fully executed, after which the proposal bond for each unsuccessful Proposer, except those proposal bonds which have been forfeited, will be returned to the respective Proposers. The proposal bond for the successful Proposer shall be returned at such time as Proposer has satisfied all conditions of execution and award set forth in ITP Section 6.1. If the next best value Proposer is notified during the 180-day period that it is selected for negotiations, such Proposer shall obtain an extension of the Proposal Bond for the period until 270 days after the Price Proposal Due Date. Exhibit D REQUIRED FORMS Proposers shall follow the order of this checklist in their submissions. A referenced copy of this document shall be submitted with the Technical Proposal.
A. Executive Summary
B. Proposer Information, Certifications & Documents Proposal Component Form (if any) ITP Section Cross- Reference
C. Project Development Plan D. Appendices Proposal Component Form (if any) ITP Section Cross- Reference Updated Financial Information Proposal Component Form (if any) ITP Section Cross- Reference
Form of Proposal Bond. A proposal bond in the amount of $3 million and in the form of Form K shall be provided by a Surety rated in the top two categories by two nationally recognized rating agencies or at least A minus (A-) or better and Class VIII or better by ▇.▇. ▇▇▇▇ and Company. The proposal bond shall be subject to forfeiture in accordance with ITP Section 4.6. Each proposal bond will be retained until the DBA Documents and CMA Documents have been fully executed, after which the proposal bond for each unsuccessful Proposer, except those proposal bonds which have been forfeited, will be returned to the respective Proposers. The proposal bond for the successful Proposer shall be returned at such time as Proposer has satisfied all conditions of execution and award set forth in ITP Section 6.1. If the next best value Proposer is notified during the 180- day period that it is selected for negotiations, such Proposer shall obtain an extension of the proposal bond for the period until 270 days after the Proposal Due Date.
Form of Proposal Bond. A proposal bond in the amount of $3 million and in the form of Form K shall be provided by a Surety rated in the top two categories by two nationally recognized rating agencies or at least A minus (A-) or better and Class VIII or better by ▇.▇. ▇▇▇▇ and Company. The proposal bond shall be subject to forfeiture in accordance with ITP Section 4.6. Each proposal bond will be retained until the DBA Documents and CMA Documents have been fully executed, after which the proposal bond for each unsuccessful Texas Department of Transportation US 77 Upgrade from Kingsville to ▇▇▇▇▇▇▇▇ Project December 3, 2012 Exhibit B Page 8 of 1 9 RFP Addendum 6 Volume I – Instructions to Proposers Ex. B – Technical Proposal Instructions Proposer, except those proposal bonds which have been forfeited, will be returned to the respective Proposers. The proposal bond for the successful Proposer shall be returned at such time as Proposer has satisfied all conditions of execution and award set forth in ITP Section 6.1. If the next best value Proposer is notified during the 180- day period that it is selected for negotiations, such Proposer shall obtain an extension of the proposal bond for the period until 270 days after the Proposal Due Date.
Form of Proposal Bond. 26 If Proposer elects to provide a Proposal Bond, it must be: 27 (a) in the form of Form K-1 (with such non-material alterations to the form as 28 ADOT may agree to in writing, in its sole discretion, prior to the Proposal Date); and
Form of Proposal Bond. A proposal bond in the amount of $35 million and in the form of Form K shall be provided by a Surety rated in the top two categories by two nationally recognized rating agencies or at least A minus (A-) or better and Class VIII or better by ▇.▇. ▇▇▇▇ and Company. The proposal bond shall be subject to forfeiture in accordance with ITP
Form of Proposal Bond. A proposal bond in the amount of $50 million and in the form of Form K shall be provided by a Surety rated in the top two categories by two nationally recognized rating agencies or at least A minus (A-) or better and Class VIII or better by A.M. Best and Company. The proposal bond shall be subject to forfeiture in accordance with ITP Section 4.8. Each proposal bond will be retained until the Development Agreement Documents and CMA Documents have been fully executed, after which the proposal bond for each unsuccessful Proposer, except those proposal bonds which have been forfeited, will be returned to the respective Proposers. The proposal bond for the successful Proposer shall be returned at such time as Proposer has satisfied all conditions of execution and award set forth in ITP Section 6.1. If the next best value Proposer is notified during the 180-day period that it is selected for negotiations, such Proposer shall obtain an extension of the Proposal Bond for the period until 270 days after the Price Proposal Due Date. Exhibit D REQUIRED FORMS Proposers shall follow the order of this checklist in their submissions. A referenced copy of this document shall be submitted with the Technical Proposal.
A. Executive Summary
B. Proposer Information, Certifications & Documents Proposal Component Form (if any) ITP Section Cross- Reference
C. Project Development Plan D. Appendices Proposal Component Form (if any) ITP Section Cross- Reference Proposal Component Form (if any) ITP Section Cross- Reference Financial Proposal Updated Financial Information Formatted: Font color: Black, Not Highlight Formatted: Font color: Black, Character scale: 0%, Not Highlight Formatted: Font color: Black, Not Highlight Formatted: Font color: Black, Character scale: 0%, Not Highlight Formatted: Font color: Black, Not Highlight Proposal Component Form (if any) ITP Section Cross- Reference