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Texas Proposal Form for Stipulated Sum in Single Prime Contract

Texas Proposal Form for Stipulated Sum in Single Prime Contract

Name: Texas Proposal Form for Stipulated Sum in Single Prime Contract
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.62 (233 reviews)

Category:

Texas Construction - Bids

State:

Texas

Control #:

TX-00427

Format:

Instant download

Description

This proposal form is used to submit a proposal for a construction project involving a roof for a commercial or public building. The contract sought is for a stipulated sum with stated subcontractors.

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FAQ

A Surety Agreement Defined They differ from an insurance contract in that an insurance contract includes two entities (insurance provider and policyholder), whereas a surety bond involves three parties: the Principal, the Obligee and the Surety.

There are three parties to a bid bond: the principal, the obligee, and the surety. The principal is the contractor purchasing the bond, while the obligee is the project owner or GC protected by the bond. The surety company is the company providing the bid bond.

Typically a bid bond is 10% of the contract price, but that isn't mandatory. Some owners will ask for 5%, a fixed dollar amount or any amount they think is worthy. The idea behind the bid bond is that the owner can recover the difference between low and second lowest bidder, and it provides a prequalification function.

A bid bond guarantees compensation to the bond owner if the bidder fails to begin a project. Bid bonds are often used for construction jobs or other projects with similar bid-based selection processes.

A lump sum contract, sometimes called stipulated sum, is the most basic form of agreement between a contractor and a customer. A lump sum contract or a stipulated sum contract will require that the contractor agree to provide specified services for a stipulated or fixed price.

So, there are typically three entities that are considered a Bond Party: the Obligee, the Principal, and the Surety. The surety pays out compensation to the limit of its guarantee in the event of the default of the Principal to uphold his obligations to the Obligee.

More info

Check the box to request more information. Enter your details in the form below.The undersigned Bidder proposes and agrees, ifthis Bid is accepted, to enter into an agreement with the Owner in the form included in. This Document is designed to enable conversion of the revised form to a PDF form. Download free BIM models for Proposal Form - Stipulated Sum (Single-Prime Contract). SINGLE PRIME CONTRACTOR and may subcontract to other properly licensed trades. A. Base Bid, Single-Prime (All Trades) Contract: The undersigned Bidder, having carefully examined the Procurement and Contracting Requirements, Conditions. A lump sum contract provides a fixed price for completing a construction project, offering simplicity for both owners and contractors. (2) The amount and nature of the profit incentive offered to the contractor for achieving or exceeding specified standards or goals. Bid Form Stipulated Sum (Singleprime Contract).

Texas Proposal Form for Stipulated Sum in Single Prime Contract

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How to fill out Texas Proposal Form For Stipulated Sum In Single Prime Contract?

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What are the 3 parties to a surety bond?

How many parties typically are there in a bid bond?

What is a 5 bid bond?

Which party does the bid bond protect?

What is a stipulated sum?

How many parties are involved in a bond?

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