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2024 Pavement Maintenance Overlay PROPOSAL: BID GUARANTY AND BID BOND PW# 3823 March 6, 2024 BID GUARANTY Bidder herewith guarantees its bid by depositing one of the following with its bid/proposal in an amount of five percent (5%) or more of the bidder’s total bid/proposal:  Certified check  Cashier’s check  Bid Bond _____________________________________ Signature BID BOND Bond No. ____________ Project ______________ W.O. # ______________ KNOW ALL MEN BY THESE PRESENTS, that __________________________________________ [Contractor], a corporation organized under the laws of the State of ______________, and registered to do business in the State of Washington as a contractor, as Principal, and _______________________________________________________[Surety], a corporation organized under the laws of the State of ____________ and registered to transact business in the State of Washington, as Surety, their heirs, executors, administrators, successors and assigns, are jointly and severally held and bound to the City of Everett, Washington, hereinafter called “City”, and are similarly held and bound unto the City in the sum of ________________________ and __/100’s Dollars ($_____________), the payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and successors, jointly and severally, formally by these presents. NOW, THEREFORE, the condition of this obligation is such that the Surety is held and bound to the City to pay and forfeit to the City the amount of this bond as provided herein, upon the conditions contained herein, unless the conditions for release contained herein are satisfied or expressly waived in a writing signed by the City Attorney. It is expressly understood and agreed that: 1. Bidder and Surety, jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to pay to the City upon default of Bidder the penal sum set forth on the face of this Bond. 2. Default of Bidder shall occur upon the failure of Bidder to deliver within the time required by the Bidding Documents the executed Agreement required by the Bidding Documents, any performance and payment bonds required by the Bidding Documents and Contract Documents, and evidence of insurance required by the Bidding Documents and Contract Documents. 3. This obligation shall be null and void if: 3.1. City accepts Bidder's bid and Bidder delivers within the time required by the Bidding Documents (or any extension thereof agreed to in writing by City) the executed Agreement required by the Bidding Documents, any performance and payment bonds required by the Bidding Documents and Contract Documents, and evidence of insurance required by the Bidding Documents and Contract Documents, or