Bonding Requirements-Definitions, Submissions, and Compliance
Bonds are a critical component of the City of Riviera Beach's procurement process. They serve as financial instruments that mitigate risk, ensure compliance with contractual obligations, and provide protection for both the City and its contractors.
The City of Riviera Beach typically requires the following three (3) types of bonds:
BID BOND
Used as security if the successful bidder refuses or neglects to execute the required written Contract and/or fails to furnish the required Performance and Payment bonds within ten (10) days after issuance of the Notice of Award of a Contract. If the vendor fails, the amount of the Bidder's bid security (Bid Bond) shall be forfeited and retained by the County.
Requirements:
- Must be submitted with the bid proposal.
- Must be in an amount not less than five percent (5%) of the base bid amount.
- If the awarded bidder fails to comply, the bid security shall be forfeited and retained by the City.
PAYMENT BONDS
Protects the City from potential legal claims arising from the contractor’s failure to pay subcontractors, suppliers, or laborers involved in the contract.
Requirements:
- Required when specified in the solicitation documents.
- Must be in an amount equal to 100% of the total awarded contract value.
PERFORMANCE BONDS
Ensures 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.
Requirements:
- Required when specified in the solicitation documents.
- Must be in an amount equal to 100% of the total awarded contract value.
- Must be recorded in the public records in accordance with Florida Statutes, Chapter 255.05.
Forms
Bid Bond Form
Payment Bond Form
Performance Bond Form
Payment & Performance Bond Acknowledgement Form
CONTACT US
CITY OF RIVIERA BEACH
PROCUREMENT DEPARTMENT
1481 WEST 15TH STREET
RIVIERA BEACH, FL 33404
OFFICE: (561) 845-4180
EMAIL: purchasing@rivierabeach.org
Please note: All emails sent to this address become part of the public record pursuant to Florida's Government-in-the-Sunshine laws. Information submitted may be made available to the public unless it is exempt under law.