Township Council Meeting — Packet

BID BOND KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned, as Principal, and as Surety, is hereby held and firmly bound unto the Township of West Orange, in the County of Essex as Owner, in the Penal Sum of $ (the penal sum shall be equal to ten percent (10%) of the Base Bid, but not more than $20,000) for the payment of which, well and truly to be made, we hereby jointly and severally bind ourselves, successors and assigns. Signed this. day of. 2026 The condition of the above obligation is such that whereas the Principal has submitted to the Township of West Orange, in the County of Essex, New Jersey acertain bid, attached hereto and hereby made a part of hereof, to enter into a contract in writing for the 2025 CDBG ROAD REHABILITATION STANDISH AVENUE AND FREMONT STREET NOW THEREFORE, A) If said bid shall be rejected or in the alternative, B) If said bid shall be accepted and the Principal shall execute and deliver a contract properly completed in accordance with said bid and shall furnish a bond for his faithful performance of said contract, and for the payment of all persons performing labor or furnishing materials in the connection therewith, and shall in all other respects perform the agreement created by the acceptance of said bid, Then this obligation shall be void, otherwise the same shall remain in full force and effect; it being expressly understood and agreed that the liability of the surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated. The Surety, for value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be in no way impaired or affected by any extension of the time within which the Owner may accept such bid; and Surety does hereby waive notice of any such extension. IN WITNESS WHEREOF, the Principal and the Surety have hereunto set their hands and seals, and such of them as are corporations have caused their corporate seals to be hereto affixed and these presents to be signed by their proper officers, the day and year first set forth above. Principal BY: Witness Surety BY: Witness Attomey-in-Fact P-22