04_-_Bid_Bond.pdf
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- Solicitation number
- 2026-RFP-017
- Issued by
- Greenwood County, South Carolina
About this file
This is a Bid Bond document issued for Greenwood County, South Carolina, in connection with a contract opportunity for patching, resurfacing, and line striping of selected roads during the 2025-2026 period. The bid bond serves as security for the bidder's submitted proposal and requires the Principal to furnish both a performance bond and payment bond within fourteen (14) days after notification of the Obligee's intent to accept the bid and award the contract. The Principal must also enter into the formal contract within fourteen (14) days following official notice of the formal award. The bond remains in effect until these conditions are satisfied or the obligation becomes void upon successful contract execution.
The bid bond establishes that if the Principal defaults on the stated conditions, the Surety is obligated to pay the Obligee the difference between the Principal's accepted bid amount and any higher amount the Obligee must spend to secure the required work, plus any additional costs incurred for advertising, engineering, legal, and other expenses resulting from the default. The Surety's obligation is capped at the bond amount plus accrued interest. The document requires execution by the Principal (whether individual, partnership, or corporation) and the Surety (a corporation authorized to conduct business in South Carolina), with appropriate signatures, seals, and attestation. For corporate Principals, an appropriate power of attorney dated as of the bond date must be attached to evidence the authority of the signatory to bind the corporation.
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Text version
Patching, Resurfacing and Line Striping of Selected Roads 2025-2026
Bid Bond - Page 1 of 3
BID BOND
KNOW ALL MEN BY THESE PRESENTS, that we, hereinafter called the "Principal") as Principal, and a corporation authorized to transact business in South Carolina, and having its principal office at
,(hereinafter called the "Surety") as Surety, are held and firmly bound unto Greenwood County ,(hereinafter called the "Obligee") as Obligee, in the sum of Dollars ____________.___) lawful money of the United States of America; for payment of which we bind ourselves, and each of our respective heirs, legal representatives, successors and assigns, jointly and severally, by these presents, on this day of , 2026.
WITNESSETH THAT:
WHEREAS, said Principal is herewith submitting to the Obligee a bid to furnish the material and perform the work for Patching, Resurfacing and Line Striping of Selected Roads, APRIL 2026, pursuant to specifications and other Contract Documents incorporated into said bid by reference; and it is a condition of the Obligee's receipt and consideration of said bid that the bid be accompanied by bid security to be held by the Obligee on terms embodied herein.
THEREFORE, the condition of this obligation is that if said Principal shall furnish a performance bond and payment bond, to the Obligee within fourteen (14) days after notice to the Principal of the
Obligee's intention to accept his bid and to make a formal award of contract to them, and shall enter into such contract in all respects as required by said Contract Documents within fourteen (14) days after notice
Bid Bond - Page 2 of 3 to them of such formal award, then this obligation shall be void; but otherwise it shall remain in full force, and the Principal and Surety will pay to the Obligee the difference between the amount of the Principal's accepted bid/s and any higher amount for which the Obligee may contract for the required work, plus any advertising, engineering, legal and other expenses incurred by the Obligee by reason of the default;
Provided, however, that the obligations of the Surety hereunder shall not exceed the amount of this bond together with interest.
IN WITNESS WHEREOF the Principal and Surety, intending to be legally bound, have executed this bond the day and year aforementioned.
(INDIVIDUAL PRINCIPAL)
(SEAL)
Signature of Individual
Witness: Trading and doing business as:
(PARTNERSHIP PRINCIPAL)
Witness:
Name of Partnership
By: (SEAL)
Partner
By: (SEAL)
Partner
By: (SEAL)
Partner
By: (SEAL)
Partner
Bid Bond - Page 3 of 3
(CORPORATION PRINCIPAL)
Name of Corporation
Attest:
By:
Title: Title:
(CORPORATION SURETY)
Name of Corporation
Witness or Attest:
By:
Title: Title:
(Corporate Seal)
**Attach an appropriate power of attorney, dated as of the same date as the Bond, evidencing the authority of the Attorney-in-Fact to act on behalf of the Corporation.
END OF SECTION
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