Bid Bond Form.pdf
PDF 34 KB Posted
- Solicitation number
- ARFQ 0512 MMB2600000002 2
- Issued by
- Cabell County, West Virginia
About this file
This is a Bid Bond Form for the State of West Virginia, Department of Administration. The document serves as a standardized template for bidders submitting proposals to enter into contracts with the state. The form requires the principal (bidder) and surety (bonding company) to jointly and severally bind themselves to the State of West Virginia as obligee. The bid bond becomes null and void if the submitted bid is rejected or if the bid is accepted and the principal enters into a contract in accordance with the bid proposal while furnishing any other required bonds, insurance, and performing all other agreement obligations. The form requires execution and sealing by proper officers of both the principal and surety, with signature and date completion.
The penal sum of the bond is to be specified by the bidder based on the contract opportunity requirements. The surety executing the bond must be licensed in West Virginia to transact surety insurance, must affix its corporate seal, and must attach a power of attorney with its seal affixed. The surety's liability is capped at the penal amount stated in the obligation. The surety waives notice of any extensions of time within which the obligee may accept the bid, and the surety's obligations remain unimpaired regardless of such extensions. This form is mandatory for state procurement and must accompany bid submissions to the Purchasing Section of the Department of Administration.
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Text version
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: |
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