INVITATION TO BID - City of Champaign

Bid or Proposal Bond(Secured by Certified Check, Letter of Credit, Cashier’s Check or Bank Draft)We, __________________________, as Principal, are held and firmly bound unto theCity of Champaign, Illinois (hereinafter referred to as “City” in the penal sum of $____________.I bind myself, my heirs, executors, administrators, successors, and assigns, jointly to pay to theCity this sum under the conditions of this instrument.WHEREAS the condition of the foregoing obligation is such that the said Principal issubmitting a written bid/proposal to the City acting through its awarding authority for workdescribed in the Contract Documents to which this Bid/Proposal Bond is attached.THEREFORE, if the bid/proposal is accepted and a contract awarded to the Principal bythe City for the above designated work, 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 theseContract Documents, then this obligation shall become void; otherwise it shall remain in fullforce and effect.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 outabove, together with all court costs, all attorney fees, and any other expense of recovery. ThePrincipal hereby agrees 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 seal, if it is a corporation to be hereunto affixed thisday of ______________________, 20 .PRINCIPAL: (Company Name)(SEAL)By: (Signature and Title)Form D-4 01/05