Attachment C - Bid Bond - Limited Liability Company.pdf
PDF 127 KB Posted
- Solicitation number
- BPM059270
- Issued by
- Maryland
About this file
This is a Bid Bond form for the State of Maryland related to Contract KN-000-220-002A for Rooftop Unit Replacement at Western Correctional Institution. The bid bond serves as a financial guarantee that a bidder will execute a contract if their bid is accepted by the State. Upon acceptance of a bid, the Principal (bidder) must execute contractual documents and provide any required bonds within ten days of receiving the forms, or within an alternative timeframe specified in the bid. The State has ninety days from bid submission to accept the bid, unless a different acceptance period is specified. The form accommodates bids from individual principals, partnerships, or corporate entities, each with designated signature and attestation sections.
The bid bond penalty amount is left blank for completion based on the specific project requirements. The bond protects the State by ensuring that if the Principal fails to execute required contractual documents or provide necessary bonds, the Surety will pay the difference between the Principal's bid amount and any higher amount the State must pay to contract with another party to complete the work, up to the bond penalty limit. The Surety agrees that its obligation will not be impaired by bid acceptance extensions up to an aggregate of ninety additional calendar days beyond the originally specified acceptance period. The bond requires approval by an Assistant Attorney General as to form and legal sufficiency before execution.
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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 (Managing Member of LLC)
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
KN-000-220-002A Rooftop Unit Replacement
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 .