Bid Bond.pdf
PDF 92 KB Posted
- Solicitation number
- BPM059586
- Issued by
- Maryland
About this file
This is a Bid Bond form for the State of Maryland related to contract opportunity KE-000-210-001 (IQC) Replace Cell Door Panels at Housing Units 1-5 at the Department of Public Safety and Correctional Services Maryland Correctional Training Facility. The bid bond document, effective May 1, 2018, establishes the terms under which a principal and surety are jointly and severally bound to the State of Maryland. The principal is required to execute further contractual documents and provide any required bonds within ten days of receipt of forms, or within an alternative timeframe if specified. The State has ninety days to accept the bid, or such other period as may be specified. The surety's obligation shall not be impaired by extensions of the acceptance period not exceeding ninety calendar days in aggregate.
The bid bond serves as a guarantee that if the principal fails to execute required contractual documents and provide necessary bonds, the principal shall pay the State the difference, not to exceed the penalty amount, between the principal's bid amount and any larger amount the State incurs in good faith to contract with another party to perform the work. The form accommodates individual, partnership, or corporate principals, with appropriate signature blocks and attestation requirements. Approval by an Assistant Attorney General as to form and legal sufficiency is required.
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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: KE-000-210-001 (IQC) Replace Cell Door Panels at Housing Units 1-5 at the Department of Public Safety and Correctional Services Maryland Correctional Training Facility
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 .