5-Bid Bond Form.pdf
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- 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 Bid Bond template, a standard form used in construction and procurement contracts to provide financial assurance. The form is designed to guarantee that a bidder will honor their bid and enter into a contract if awarded. The bid bond protects the owner by ensuring that if the selected bidder withdraws their bid or fails to execute the contract within ten (10) days of notification, the bidder will compensate the owner for the difference between their bid and the next lowest bid, along with any additional expenses incurred.
The bid bond requires the principal (bidder) and surety to be jointly and severally liable for the penal sum specified in the document. A power of attorney for the person signing on behalf of the surety company must be attached to the bond. The form includes spaces for signatures from the individual or corporate principal, witnesses, and the corporate surety, with provisions for documenting business addresses and applying corporate seals. This standardized document provides a legal mechanism to mitigate financial risk for the project owner during the bidding and contract award process.
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Text version
00310-1
SECTION 00310
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 .