Bid Bond.pdf

137 KB Posted

Attached to
CC-622-260-003A
Solicitation number
BPM059257
Issued by
Maryland

About this file

Written by GovTribe AI ·

This is a Bid Bond form from the State of Maryland for the Mechanical Replacement project at the Life Sciences Building at Baltimore City Community College (BCCC), identified as contract opportunity CC-622-260-003A. The bid bond serves as a surety instrument binding the Principal (bidder) and the Surety (bonding company) to the State of Maryland. The Principal is required to execute this bond upon submission of their bid and must maintain the bond's validity through the acceptance period, which is ninety (90) days if no alternative period is specified in the bid documents. Should the Principal be selected, they must execute any required contractual documents and provide any additional bonds within ten (10) days of receiving the forms, or the bond becomes enforceable as a penalty.

The bid bond obligates the Principal and Surety to pay the State the difference, not to exceed the bond penalty amount, between the Principal's bid and any higher amount the State must pay to contract with another party if the Principal fails to execute the required contract documents and bonds. The Surety's obligation remains valid even if the State grants extensions to the Principal for bid acceptance, provided such extensions do not exceed ninety (90) calendar days in aggregate beyond the original acceptance period. The bond requires execution by the Principal (whether individual, partnership, or corporate entity) with witness attestation and surety authorization by an attorney-in-fact, and approval by an Assistant Attorney General as to form and legal sufficiency.

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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 CC-622-260-003A-Mechanical Replacement at Life Science Building at BCCC:

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

Bid Bond

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