4-Bid Bond.pdf
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- Solicitation number
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- Fayette County, Pennsylvania
About this file
This document is a Bid Bond template, a standard legal form used to guarantee a bidder's commitment to a contract opportunity. The form provides a standardized structure for a principal (bidder) and a surety to legally bind themselves to an owner, ensuring the bidder will not withdraw their bid within a specified timeframe, typically 60 days after bid opening. If the bidder is awarded the contract, they are obligated to enter into a written contract within 10 days of being presented with prescribed forms, and provide performance bonds as required.
The Bid Bond outlines specific conditions that protect the owner's interests, including provisions for the principal to either proceed with the contract as bid or compensate the owner for any additional costs incurred if they withdraw their bid. The document includes sections for individual/partnership principals and corporate principals, with spaces for signatures, seals, and corporate attestation. It is designed to be a legally binding instrument that provides financial recourse to the owner in the event a bidder fails to honor their initial bid or contract commitments.
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Text version
BID BOND
KNOW ALL MEN BY THESE PRESENTS THAT WE, THE UNDERSIGNED
as PRINCIPAL; and as SURETY, are held and firmly bound unto , hereinafter called the "OWNER," in the penal sum of Dollars ($ ), lawful money of the United
States of America, for the payment of which sum will 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 , , for
(description of work).
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 therefore, or if no period be specified, with ten
(10) days after the prescribed forms are presented to him/her for signature, 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 of such Contract; or in the event of the withdrawal of said Bid within the time specified, if the Principal shall pay the OWNER may procure the required Work or supplies or both, if the latter 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 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 presentees signed by its undersigned representative, pursuant to authority of its governing body.
INDIVIDUAL OR PARTNERSHIP PRINCIPALS
(SEAL)
In the presence of: (SEAL)
CORPORATE PRINCIPAL
ATTEST:
BY:
(SEA
L) SURETY
ATTEST:
BY: (SEAL)
Countersigned:
BY:
Attorney-in-fact, State of
CERTIFICATE AS TO CORPORATE PRINCIPAL
I, , certify that I am the , 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 on behalf of said Corporation by authority of his/her governing body.
(CORPORATE SEAL)
Title:
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