Attachment C. Proposal Bond.pdf

This is a Proposal Bond document for the Maryland Motor Vehicle Administration's International Registration Plan (IRP) Audit Services contract. The proposal bond serves as a guarantee that the bidder will enter into a contract if selected and will execute the required performance bond. The bond protects the state by ensuring that qualified bidders submit serious, competitive proposals and are prepared to proceed with contract execution upon award.

The proposal bond requires bidders to furnish security in an amount specified in the Request for Proposals, typically calculated as a percentage of the bid amount. The bond must be issued by a surety company authorized to do business in Maryland and acceptable to the state. Bidders may submit the bond in the form of a certified check, cashier's check, or surety bond. The bond will be forfeited if the successful bidder fails to execute the contract and required performance bond within the timeframe specified by the state. Non-selected bidders' proposal bonds will be returned after contract award and execution, while the successful bidder's bond will be held until the performance bond is obtained, after which it will be released or applied toward the performance bond requirement.