Bid Bond Instructions.pdf

REV. 6/2013

BID BOND PREPARATION INSTRUCTIONS

AGENCY (A)

RFQ/RFP# (B)

Bid Bond

(A) WV State Agency (Stated on Page 1 “Spending Unit”)

KNOW ALL MEN BY THESE PRESENTS, That we, the undersigned,

(C) of (D) , (E) , as Principal, and (F) of (G) ,

(H) , a corporation organized and existing under the laws of the State of (I) with its principal office in the City of

(J) , as Surety, are held and firmly bound unto The State of West Virginia, as Obligee, in the penal sum of (K) ($ (L) ) 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 (M)

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 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 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, the _(N)___ day of (O) , 20_(P)_.

Principal Seal (Q) (Name of Principal) (R)

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

(T) Title

Surety Seal (V)

(U) (Name of Surety)

(W)___________ 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.

(B) Request for Quotation Number (upper right corner of page #1)

(C) Your Business Entity Name (or Individual Name if Sole Proprietor)

(D) City, Location of your Company

(E) State, Location of your Company

(F) Surety Corporate Name

(G) City, Location of Surety

(H) State, Location of Surety

(I) State of Surety Incorporation

(J) City of Surety’s Principal Office

(K) Minimum amount of acceptable bid bond is

5% of total bid. You may state “5% of bid” or a specific amount on this line in words.

(L) Amount of bond in numbers

(M) Brief Description of scope of work

(N) Day of the month

(O) Month

(P) Year

(Q) Name of Business Entity (or Individual Name if Sole Proprietor)

(R) Seal of Principal

(S) Signature of President, Vice President, or

Authorized Agent

(T) Title of Person Signing for Principal

(U) Seal of Surety

(V) Name of Surety

(W) Signature of Attorney in Fact of the Surety

NOTE 1:

Dated Power of Attorney with Surety Seal must accompany this bid bond.