BID BOND FORM.pdf

34 KB Posted

Attached to
TO ATTACH ADDENDUM #2
Solicitation number
ARFQ-0512-MMB2500000005-3
Issued by
Cabell County, West Virginia

About this file

Written by GovTribe AI ·

This document is a standard Bid Bond form for the State of West Virginia, specifically designed for use by the Purchasing Section of the Department of Administration. The form is a legal instrument that provides financial guarantee and assurance to the state that a bidder will enter into a contract if their bid is accepted, or face financial penalties. The blank template allows for completion with specific details about the principal (bidder), surety, and the proposed contract, with spaces to fill in the agency, request purchase order number, and penal sum amount.

The Bid Bond serves as a protective mechanism for the state, ensuring that if a winning bidder fails to honor their bid or refuses to execute the contract, the surety company will be financially responsible. The form requires that the surety company be licensed in West Virginia to transact surety insurance and must attach a power of attorney. Key provisions include the surety's liability being limited to the specified penal sum, and the bond becoming void if the bid is rejected or the principal successfully enters the contract and meets all specified requirements.

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Agency

REQ.P.O#

BID BOND

KNOW ALL MEN BY THESE PRESENTS, That we, the undersigned, of , , as Principal, and of , , a corporation organized and existing under the laws of the State of with its principal office in the City of , as Surety, are held and firmly bound unto the State of West Virginia, as Obligee, in the penal sum of ($ ) for the payment of which, well and truly to be made, we jointly and severally bind ourselves, our heirs, administrators, executors, successors and assigns.

The Condition of the above obligation is such that whereas the Principal has submitted to the Purchasing Section of the

Department of Administration a certain bid or proposal, attached hereto and made a part hereof, to enter into a contract in writing for

NOW THEREFORE,

(a) If said bid shall be rejected, or

(b) If said bid shall be accepted and the Principal shall enter into a contract in accordance with the bid or proposal attached hereto and shall furnish any other bonds and insurance required by the bid or proposal, and shall in all other respects perform the agreement created by the acceptance of said bid, then this obligation shall be null and void, otherwise this obligation shall remain in full force and effect. It is expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated.

The Surety, for the value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be in no way impaired or affected by any extension of the time within which the Obligee may accept such bid, and said Surety does hereby waive notice of any such extension.

WITNESS, the following signatures and seals of Principal and Surety, executed and sealed by a proper officer of Principal and

Surety, or by Principal individually if Principal is an individual, this day of , 20 .

Principal Seal (Name of Principal)

By

(Must be President, Vice President, or Duly Authorized Agent)

(Title)

Surety Seal (Name of Surety)

Attorney-in-Fact

IMPORTANT – Surety executing bonds must be licensed in West Virginia to transact surety insurance, must affix its seal, and must attach a power of attorney with its seal affixed.

REQPO:
undefined:
of:
undefined_2:
as Principal and:
of_2:
undefined_3:
a corporation organized and existing under the laws of the State of:
undefined_4:
with its principal office in the City of:
of West Virginia as Obligee in the penal sum of:
as Surety are held and firmly bound unto the State:
well and truly to be made we jointly and severally bind ourselves our heirs administrators executors successors and assigns:
undefined_5:
Department of Administration a certain bid or proposal attached hereto and made a part hereof to enter into a contract in writing for 1:
Department of Administration a certain bid or proposal attached hereto and made a part hereof to enter into a contract in writing for 2:
Department of Administration a certain bid or proposal attached hereto and made a part hereof to enter into a contract in writing for 3:
Surety or by Principal individually if Principal is an individual this:
20:
undefined_6:
Name of Principal:
Title:
Name of Surety:

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