004313_Bid_Bond.pdf
PDF 118 KB Posted
- Solicitation number
- 2025-081
- Issued by
- Collin County, Texas
About this file
This document is a Bid Bond form from the State of Texas, Collin County, intended to be used by a principal (bidding company) and a surety company when submitting a proposal for an unspecified project. The form serves as a legal instrument guaranteeing that if the principal is awarded the contract, they will enter into the contract, provide required performance bonds, and ensure prompt payment for labor and materials. The bond includes a penal sum that would be payable to the owner if the principal fails to execute the contract as agreed.
The bid bond protects the owner by providing financial recourse in case the winning bidder does not follow through on their contractual obligations. It specifies that any legal action related to the bond must be filed in the designated county in Texas. The document requires attachments including a certified copy of the surety's power of attorney, and leaves blank spaces for details such as the principal's and surety's information, the specific project being bid, and the exact penal sum amount. The form was revised in November 2008 and follows a standard legal template for bid security in public and private contracting processes.
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Text version
004313 BID BOND
STATE OF TEXAS §
COUNTY OF COLLIN § KNOW ALL MEN BY THESE PRESENTS:
THAT , a corporation organized and existing under the laws of the State of , and fully authorized to transact business in the State of Texas, whose address is of the City of County of , and State of ,(hereinafter referred to as “Principal”), and
(hereinafter referred to as “Surety”, a corporation organized under the laws of the State of and authorized under the laws of the State of Texas to act as surety on bonds for principals, are held and firmly bound unto (hereinafter referred to as “Owner”) and unto all persons, firms and corporations who may furnish materials for or perform labor upon the buildings, structures or improvements referred to in the attached Contract, , in the penal sum of Dollars ($ ) in lawful money of the United States, for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors, and assigns, jointly and severally, firmly by these presents:
SIGNED, SEALED and DATED this day of 202 .
WHEREAS, the Principal is herewith submitting its proposal for __________________________________________________________.
The condition of the above obligations are such that if the aforesaid Principal shall be awarded the Contract, the said Principal will, within the time required, enter into a Contract and give Bonds, if required, for the faithful performance of the Contract and the prompt payment for labor and materials in the prosecution thereof, then this obligation shall be null and void; otherwise the Principal and Surety will pay unto the OWNER the full penal sum hereof, as liquidated damages, it being difficult and impractical to determine accurately the actual amount of damages occurring to OWNER by reason of Principal’s failure to execute said Contract and Bonds.
PROVIDED FURTHER, that if any legal action be filed on this Bond, venue shall lie in County, Texas.
The Resident Agent of the Surety for delivery of notice and service of process is:
Name:
Address:
Phone Number:
WITNESS PRINCIPAL
Printed/Typed Name Title:
Company:
Address:
WITNESS SURETY
Printed/Typed Name Title:
Company:
Address:
NOTE: CERTIFIED COPY OF POWER-OF-ATTORNEY SHOULD BE ATTACHED HERETO.
Revised 11/2008
File details come from the government source that posted it. Updated .