1-84250-112-RW-26 Bid Bond.pdf
PDF 109 KB Posted
- Attached to
- CDCA Sanitary Sewer Rehabilitation - Phase 2
- Solicitation number
- Not on record
- Issued by
- Delaware County, Pennsylvania
About this file
This document is a standard Bid Bond form, which serves as a legal instrument guaranteeing a bidder's commitment to a potential contract. The bond protects the Owner by ensuring that if the Principal (bidder) is awarded the contract, they will enter into the agreement within ten days of notification and provide the required performance bonds. The document outlines the financial and contractual obligations of the Principal and Surety, including potential penalties if the bidder withdraws their bid or fails to execute the contract as specified.
The Bid Bond requires the Principal to pay a specified penal sum (dollar amount left blank in this template) to the Owner if they do not fulfill their contractual obligations. This financial guarantee provides the Owner with protection against bidder default and ensures the bidding process maintains integrity. The form includes spaces for signatures from the Principal, Surety, and witnesses, with a note that a Power of Attorney for the person signing on behalf of the Surety Company must be attached to the bond. The document is a blank template that would be filled out with specific project and company details at the time of a particular bid submission.
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Text version
BID BOND
BID BOND
KNOW ALL MEN BY THESE PRESENTS, THAT WE, as PRINCIPAL, and as SURETY, are held and firmly bound unto the (hereinafter called the OWNER), in the penal sum of DOLLARS ($ ) lawful money of the United States, for payment of which sum well and truly to be made, we bond ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH that whereas the Principal has submitted the accompanying Bid dated for
NOW, THEREFORE, if the Principal shall not withdraw said Bid within the time specified therein after the opening of the same, and shall within ten (10) days after the Principal is notified by the Owner of the award of such Contract to him, enter into a written contract with the Owner, in accordance with the Bid as accepted; and give bond with good and sufficient surety or sureties as may be required for the faithful performance and proper fulfillment and labor supplied, if required in said Contract; or in event of the withdrawal of said Bid within the period specified, or the failure to enter into such Contract and give such bonds within the time specified if the Principal shall pay the Owner the difference between the amount specified in said Bid and the amount for which the Owner may procure the required materials or supplies, or both, if the latter amount of the former, together with any other expenses and costs that may have been incurred by the Owner, then the above obligation shall be void and of no effect, otherwise to remain in full force and virtue.
IN WITNESS WHEREOF, the above bonded parties have executed this instrument under their several seals this day of , 20 _____, the name and corporate seal of each corporate party being hereto affixed and these presents duly signed by its undersigned representative, pursuant to authority of its governing body.
WITNESSED BY:
(Individual Principal) (Name of Partner)
(Business Address)
ATTEST:
(Corporate
Principal) (Corporate Surety)
By:
(Business Address)
SEAL
(Power of Attorney for person signing for Surety Company must be attached to Bond.)
File details come from the government source that posted it. Updated .