Summary: A310™–2010, Bid Bond

 

Content.

Synopsis

Purpose

Related documents

Dispute Resolution—Mediation and Arbitration

 

Synopsis.

AIA Document A310–2010, a simple, one-page form, establishes the maximum penal amount that may be due to the owner if the selected bidder fails to execute the contract or fails to provide any required performance and payment bonds. For use and execution of a document, see its instructions »

 

Purpose.

AIA Document A310–2010 establishes the maximum penal amount that may be due the Owner if the Bidder fails to execute the contract and to provide the required performance and payment bonds, if any. It provides assurance that, if a bidder is offered a contract based on its tendered proposal but fails to enter into the contract, the Owner will be paid the difference in cost to award the contract to the next qualified bidder, so long as the difference does not exceed the maximum penal amount of the bond.

Note: A310–2010 replaces AIA Document A310–1970, which expired on December 31, 2011.

 

Related documents.

A310 is not incorporated by reference into other AIA documents. For further reference on bonding procedures, see AIA Document A701™, Instructions to Bidders; and AIA Document G612™, Owner’s Instructions to Architect.

 

Dispute Resolution—Mediation and Arbitration.

This document contains provisions for mediation and arbitration of claims and disputes. Mediation is a non-binding process, but is mandatory under the terms of this agreement. Arbitration may be mandatory under the terms of this agreement. Arbitration is binding in most states and under the Federal Arbitration Act. In a minority of states, arbitration provisions relating to future disputes are not enforceable but the parties may agree to arbitrate after the dispute arises. Even in those states, under certain circumstances (for example, in a transaction involving interstate commerce), arbitration provisions may be enforceable under the Federal Arbitration Act.

The AIA does not administer dispute resolution processes. To submit disputes to mediation or arbitration or to obtain copies of the applicable mediation or arbitration rules, contact the American Arbitration Association at (800) 778-7879 or visit the website at adr.org.

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