Bid Bond.pdf

101 KB Posted

Attached to
BA-681-240-001
Solicitation number
BPM058733
Issued by
Maryland

About this file

Written by GovTribe AI ·

This is a Bid Bond document for the State of Maryland related to contract opportunity BA-681-240-001 for ADA Modifications. The bid bond establishes a financial guarantee between the Principal (bidder), the Surety (bonding company), and the State of Maryland. The Principal must execute contractual documents and provide required bonds within ten (10) days of receiving forms, or within ninety (90) days if no period is specified. The Principal has ninety (90) days from bid acceptance to complete these requirements, or the bid bond obligation becomes void. The document includes provisions for the Principal to submit bids individually, as a partnership, or as a corporate entity, with appropriate signature and seal requirements for each structure.

The bid bond serves as a guarantee that if the Principal fails to execute the required contractual documents and bonds within the specified timeframe, the State may contract with another party to perform the work. In such event, the State may recover from the bond the difference between the Principal's bid amount and the actual contract amount awarded to another contractor, not to exceed the penalty amount of the bond. The surety's obligation is not impaired by extensions of the bid acceptance period up to ninety (90) additional calendar days beyond the original timeframe. The bond document requires approval by the Assistant Attorney General as to form and legal sufficiency and became effective May 1, 2018.

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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: BA-681-240-001 ADA Modifications

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

File details come from the government source that posted it. Updated .