When a bid/contract exceeds $100,000, bonds may be required (as specified in the solicitation). Depending on the project type, you need to provide one of (3) types of bonds:
Bid bonds are used as security in the event the successful bidder refuses or neglects to execute the required written Contract and/or fails to furnish the required Performance and Payment bonds within then (10) days after issuance of Notice of Award of a Contract. If this should happen the amount of the Bidder's bid security (Bid Bond) shall be forfeited and retained by the County.
- Must be submitted with your bid proposal.
- Value of at least ten percent (10%) of your Base Bid proposal.
When Payment and Performance Bonds are required, they must be equal to (100%) the total awarded Contract amount.
Protect the County from lawsuits resulting from Contractor's non-payment of debts that might be incurred during the performance of the contract.
Insure the faithful performance of the obligations imposed on the Contractor by the Contract. Contractors are required to record bonds in the public records as required by Florida State Statutes, Chapter 255.05.