Resolution No. 2026-035 – A Resolution Approving the Plans, Specifications, Form of Contract and Estimate of Costs for the Village Drive and Roberts Ferry Road Traffic Signal Project — I.2 (G.2)

BID BOND KNOW ALL BY THESE PRESENTS: That we, , as Principal, and , as Surety, are held and firmly bound unto the City of Tiffin, Iowa, as Obligee, (hereinafter referred to as the “Jurisdiction”), in the penal sum of DOLLARS ($ ), or ten percent (10%) of the amount bid in lawful money of the United States, for which payment said Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns jointly and severally, firmly by these presents. The condition of the above obligation is such that whereas the Principal has submitted to the Jurisdiction a certain Proposal, in a separate envelope, and hereby made a part hereof, to enter into a Contract in writing, for the following described improvements: Roberts Ferry Road & Village Drive Traffic Signal Improvements This project provides for the construction of a traffic signal system at the intersection of Roberts Ferry Road and Village Drive, as well as the construction of pedestrian curb ramps at the southeast, northeast, and northwest corners of the intersection. The construction includes a traffic signal system for 1 intersection and approximately 120 SY of 4- inch sidewalk, 75 SY of 6-inch sidewalk, and 90 SY of full-depth pavement patching. Other associated improvements include pavement markings, traffic signs, erosion control, temporary traffic control, and miscellaneous associated work necessary to complete the project. The Surety 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 Jurisdiction may accept such bid or execute such Contract; and said Surety does hereby waive notice of any such extension. In the event that any actions or proceedings are initiated with respect to this Bond, the parties agree that the venue thereof shall be Johnson County, State of Iowa. If legal action is required by the Jurisdiction against the Surety or Principal to enforce the provisions of the Bond or to collect the monetary obligation incurring to the benefit of the Jurisdiction, the Surety or Principal agrees to pay the Jurisdiction all damages, costs, and attorney fees incurred by enforcing any of the provisions of this Bond. All rights, powers, and remedies of the Jurisdiction hereunder shall be cumulative and not alternative and shall be in addition to all rights, powers, and remedies given to the Jurisdiction, by law. The Jurisdiction may proceed against Surety for any amount guaranteed hereunder whether action is brought against Principal or whether Principal is joined in any such action or actions or not. Bid Bond BB-1 Roberts Ferry Road & Village Drive Traffic Signal Improvements