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BID BOND <br />KNOW ALL MEN BY THESE PRESENTS: That <br />as Principal, hereinafter referred to as "Principal", and <br />a corporation organized and existing under and <br />by virtue of the laws of the State of authorized to <br />transact business as a surety within the State of Colorado, and hereinafter <br />referred to as "Surety", are held and firmly bound unto the City and County <br />of Denver, a municipal corporation, acting by and through its Board of <br />Water Commissioners, hereinafter also referred to as "Board", in an amount <br />in lawful money of the United States of America equal to five percent (5~) <br />of the total amount of the entire bid submitted by the Principal, as <br />LIQUIDATED DAMAGES, if the Principal shall fail to enter into a Contract <br />with the Owner and furnish acceptable surety as provided in the Contract <br />Documents upon acceptance of said bid by the Board, for <br />of which this Bid Bond is <br />a part, for the payment of which, well and truly to be made, said Principal <br />and said Surety bind themselves and their respective heirs, executors, <br />administrators, successors and assigns, jointly and severally, by these <br />presents, AND <br />WHEREAS, the Principal has submitted the accompanying bid of even date <br />herewith for the work described in the Contract Documents, for the Board, <br />AND <br />WHEREAS, the said parties hereto, to wit, the Principal, Surety, and <br />Board, acknowledge and agree (1) that the intent of this Bid Bond is to <br />liquidate the damages that the Board may incur by reason of failure of the <br />Principal to enter into the Contract with the Board in accordance with the <br />terms of the bid or failure of the Principal to furnish acceptable surety; <br />(2) that at the time of executing this bond, the amount of damages <br />specified was a reasonable estimate of the presumed actual damages that the <br />Principal's failure to perform would cause; and (3) that at the time of <br />executing this bond it was difficult to ascertain the amount of actual <br />damages that would result from the breach. <br />NOW THEREFORE, if the Principal shall complete the formal Contract <br />Documents and furnish acceptable surety as provided in the Contract <br />Documents upon acceptance of said bid by the Board, or if the Board shall <br />(BOARD OF WATER COMMISSIONERS ) <br />(CONSTRUCT SLURRY WALL AROUND ) <br />(HAZELTINE, ROAD RUNNER REST II) <br />(AND HRINKMANN-WOODWARD GRAVEL ) <br />(RESERVOIRS ) <br />(SP 06700A ) BB-1 <br />