INVITATION TO BID - City of Champaign

Bid or Proposal Bond(Secured by Surety)We, _____________________________, as Principal, and ______________________,as Surety, are held and firmly bound unto the City of Champaign, Illinois (hereinafter referred toas “City”) in the penal sum of $_________________________. We bindourselves, our heirs, executors, administrators, successors, and assigns, jointly to pay tothe City this sum under the conditions of this instrument.WHEREAS, the condition of the foregoing obligation is such that the saidPrincipal is submitting a written bid/proposal to the City acting through its awarding authority forthe performance of the work for the Project described in the Contract Documents towhich this is attached.THEREFORE, if the bid/proposal is accepted and a contract awarded to the Principal bythe City for the above designated Project, and the Principal shall within fourteen (14) calendardays after award enter into a formal contract, furnish surety guaranteeing the faithfulperformance of the work and payment of all persons who might claim a lien on such work, andfurnish evidence of the required insurance coverage, all as provided elsewhere in these ContractDocuments, then this obligation shall become void; otherwise it shall remain in full force andeffect.IN THE EVENT the City determines the Principal has failed to enter into a formalcontract or furnish surety guaranteeing the faithful performance of the work and payment of allpersons who might claim a lien on such work or furnish evidence of required insurance incompliance with any requirements set forth in the preceding paragraph, then the City actingthrough its awarding authority shall immediately be entitled to recover the full sum set out above,together with all court costs, all attorney fees, and any other expense of recovery. The Principaland Surety hereby agree that said sum is a reasonable amount of damages incurred by the City.IN TESTIMONY WHEREOF, the said Principal has caused this instrument to be signedby its respective officers and its corporate seals if it is a corporation to be hereunto affixed thisday of ________________________, 20 .PRINCIPAL: (Company Name)(SEAL)By: (Signature and Title)Form D-3 01/05