4-Bid Bond.pdf
PDF 175 KB Posted
- Attached to
- Brookhaven Borough 2026 Street Resurfacing
- Solicitation number
- Not on record
- Issued by
- Delaware County, Brodheadsville CDP, Pennsylvania
About this file
This document is a standard Bid Bond form that provides a legal guarantee for a bidding process. The bond serves as a financial protection for the Owner, ensuring that the Principal (bidder) will not withdraw their bid after submission and will enter into a contract if awarded. If the Principal fails to proceed with the contract, they agree to pay the difference between their bid amount and the next lowest bid, along with any additional expenses incurred by the Owner.
The Bid Bond requires the Principal to either enter into a written contract within 10 days of notification of award, provide performance and payment bonds, or compensate the Owner for any financial differences if they fail to do so. The document includes spaces for signatures from the Principal, Surety, witnesses, and a corporate secretary, and requires a Power of Attorney to be attached for the person signing on behalf of the Surety Company. The form is designed to protect the Owner's interests during the bidding and contract award process by providing a financial guarantee against bid withdrawal or contract non-performance.
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Text version
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 ($ ) 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 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.)
CERTIFICATE AS TO CORPORATE PRINCIPAL
I, , certify that I am the Secretary of the corporation as Principal in the within bond; and that who signed the said bond on behalf of the Principal was then the of said corporation; that I know his signature, and his signature thereto is genuine; and that said bond was duly signed, sealed and attested to for an in behalf of said corporation by the authority of its governing body.
(Corporate Seal)
We, the undersigned, will provide as Principal, a Performance and Payment Bond on the form provided, to the Owner in the penal sum of the Principal's bid for
(Surety)
(Address)
Date:
Signed:
(Attorney-in-fact)
File details come from the government source that posted it. Updated .