Bid Bond.docx
DOCX document 22 KB Posted
- Solicitation number
- BPM030282
- Issued by
- Caroline County, Maryland
About this file
This document is a Bid/Proposal Bond from the State of Maryland. It binds the Principal and the Surety to the State for a specified sum of money related to a bid submission for the project "Install New Pavilion at Martinak State Park" located in Caroline County, Maryland. The bond stipulates that if the Principal is awarded the contract and fails to execute further contractual documents or provide required bonds, the Surety will pay the difference in cost for the State to contract with another party. The bond can be extended by up to 90 calendar days beyond the original bid acceptance period.
The pricing, funding requirements, and other salient information are not included in this specific document. This bond serves to ensure the Principal's commitment to the bid and ability to fulfill the contract requirements if awarded.
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Text version
Appendix <<proposalBidBondAppendixNumber>>. Bid/Proposal 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
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
Appendix <<proposalBidBondAppendix#>> Proposal Bond Page <<proposalBidBondAppendix#>>-1 effective date: May 1, 2018
File details come from the government source that posted it. Updated .