Attachment_C_-_Bid_Bond.pdf
PDF 90 KB Posted
- Solicitation number
- BPM051238
- Issued by
- Somerset County, Maryland
About this file
This document is a Bid Bond for a state contract issued by the State of Maryland, specifically for the P-068-220-002 Black Walnut Point Shore Erosion Control project. The bid bond serves as a guarantee that the principal bidder will execute contractual documents and provide required bonds if their bid is accepted. The bond provides protection for the State of Maryland, ensuring that if the principal fails to fulfill bid requirements, the State can recover the difference between the original bid amount and a potentially higher contract amount with another party.
The bid bond includes standard legal provisions such as a 90-day acceptance period for the bid and a 10-day window for executing further contractual documents. The surety (bonding company) agrees that its obligations will not be impaired by bid acceptance time extensions, with a maximum of 90 additional calendar days beyond the original acceptance period. The document provides signature spaces for individual, partnership, and corporate principals, along with sections for corporate seals, witness signatures, and final approval by an Assistant Attorney General.
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Text version
Bid Bond Page-1 effective date: May 1, 2018
Bid Bond
Bond No. __________________
We, _______________________________ as Principal, hereinafter called the Principal, and ____________________________, a corporation duly organized under the laws of the State of __________________, as Surety, hereinafter called the Surety, are held and firmly bound unto the State of Maryland, hereinafter called "State", for the sum of _______________________________________ for the payment of which sum, the Principal and the Surety bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has submitted a bid for P-068-220-002 Black Walnut Point Shore Erosion Control
NOW, THEREFORE, if the Principal, upon acceptance by the State of its bid identified above, within the period specified therein for acceptance (ninety (90) days, if no period is specified), shall execute such further contractual documents, if any, and give such bond(s) as may be required by the terms of the bid as accepted within the time specified (ten (10) days if no period is specified) after receipt of the forms, or in the event of failure so to execute such further contractual documents and give such bonds, if the Principal shall pay the State the difference not to exceed the penalty hereof between the amount specified in Principal's bid and such larger amount for which the State may in good faith contract with another party to perform the work covered by said bid, then the above obligation shall be void and of no effect.
The Surety executing this instrument hereby agrees that its obligation shall not be impaired by any extension(s) of the time for acceptance of the bid that the Principal may grant to the State, notice of which extension(s) to the Surety being hereby waived; provided that such waiver of notice shall apply only with respect to extensions aggregating not more than ninety (90) calendar days in addition to the period originally allowed for acceptance of the bid.
Individual Principal
In Presence of:
Witness
(Name) as to (SEAL)
Partnership Principal
In Presence of:
Witness
(Name) as to (SEAL) Partner as to (SEAL) Partner as to (SEAL) Partner
Bid Bond Page-2 effective date: May 1, 2018
Corporate Principal
Attest: (Name of Corporation) AFFIX
SEAL
By:
Secretary President
Attest: (Surety)
By:
Attorney-in-fact AFFIX
SEAL
Bonding Agent’s Name
Agent’s Address:
Approved as to form and legal sufficiency this ____ day of _____ 20___
Assistant Attorney General
Bid Bond
File details come from the government source that posted it. Updated .