Attachment C - Bid Bond.pdf
PDF 149 KB Posted
- Solicitation number
- BPM057381
- Issued by
- Maryland
About this file
This is a Bid Bond form for the State of Maryland related to project PJ-610-230-001 for the Barrack J Annapolis Communication Room and Garage. The bid bond serves as a financial guarantee that the principal (bidder) will execute the contract if their bid is accepted by the State. The bidder is given ninety (90) days from bid acceptance to sign any required contractual documents and provide any necessary performance bonds, or ten (10) days from receipt of forms if no period is specified. The form accommodates individual, partnership, or corporate principals and requires execution by the appropriate parties with witness signatures and corporate seals as applicable.
The bid bond obligates the principal and surety jointly and severally to pay the State the difference between the bid amount and any higher cost the State incurs if it must contract with another party to perform the work, up to the penalty amount of the bond. The Surety's obligation is protected against impairment from extensions of the bid acceptance period, with a waiver of notice to the Surety for extensions not exceeding ninety (90) calendar days in aggregate beyond the original acceptance period. The bond form requires approval by the Assistant Attorney General and includes provisions for the bonding agent's information and attestation by both the principal and surety.
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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 (Identify project by number and brief description):
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
PJ-610-230-001 Barrack J Annapolis Communication Room and Garage
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 .