1-Required Document 1 - Bid Bond.pdf

BID BOND

KNOW ALL MEN BY THESE PRESENTS, That we the undersigned as PRINCIPAL, and as SURETY are held and firmly bound unto Montgomery County Housing Authority hereinafter called the

MCHA, in the penal sum of Dollars ($ ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the Principal has submitted the accompanying Bid, dated , 20 , for

NOW THEREFORE, if the Principal shall not withdraw said Bid within the period specified therein after the opening of the same, or, if no period be specified, within sixty (60) days after the said opening, and shall within the period specified therefor, or if no period be specified within ten (10) days after the prescribed forms are presented to him for signature, enter into a written contract with the MCHA 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 of such Contract and provide the required certificates of insurance and a properly executed Public Works Employment Verification Form or in the event of the withdrawal of said Bid within the period specified, or the failure to enter into such Contract and give such bond within the time specified, if the Principal shall pay the difference between the amount specified in said Bid and the amount for which the MCHA may procure the required work or supplies or both, if the latter amount be in excess of the former, then the above obligation shall be void and of no effect, otherwise to remain in full force and virtue.

In the event that Bidder defaults in any of its undertakings herein assumed, including without limitation, its obligation to execute and deliver the Agreement prescribed and to furnish the bond required, the insurance certificates required, and a properly executed Public Works Employee Verification Form within ten (10) days after the Agreement is presented to it for signature, the Bidder hereby empowers any Prothonotary or attorney of any Court or Record to appear for Bidder in any and all actions which may be brought for damages or other charges or expenses resulting from any default and/or to sign for Bidder an agreement for entering in any competent Court and amicable action or actions for the recovery of such damages or other charges or expenses, and in said suits or in said amicable action or actions, to confess judgement against Bidder for all or any part of the damages resulting as aforesaid, and for interest and costs together with an attorney's commission of 5%.

Such authority shall not be exhausted by one exercise thereof, but judgement may be confessed as aforesaid from time to time as often as any such damage accrues.

The remedies hereinabove given to the MCHA and all rights and remedies give to it by law and equity shall be cumulative and concurrent.

IN WITNESS WHEREOF, the above bounded 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.

In presence of:

~SEAL~

Individual Principal

~SEAL~

Business Address

Individual Principal

ATTEST:

Corporate Principal

~Affix~

BY: ~Corporate~

~Seal~

ATTEST:

Corporate Surety

COUNTERSIGNED:

~Affix~

BY: BY: ~Corporate~

Attorney-in-Fact, ~Seal~ Commonwealth of Pennsylvania

(Power of Attorney for person signing for surety company must be attached to bond.)

CERTIFICATE AS TO CORPORATE PRINCIPAL

I, , certify that I am the of the corporation named as Principal in the within bond; that , who signed the said bond on behalf of the Principal was then of said corporation; that I know his/her signature, and his/her signature thereto is genuine; and that said bond was duly signed, sealed, and attested to for and in behalf of said corporation by authority of its governing body.

~Corporate~

~Seal~

Title

IMPORTANT NOTE

Surety Companies executing bonds must appear on the Treasury Department's most current list (Circular 570) and be authorized to transact business in the

State where the Project is located.