Bid Bond - Instructions.pdf
PDF 141 KB Posted
- Solicitation number
- BPM059114
- Issued by
- Maryland
About this file
This is a Bid Bond Instructions document issued by the State of Maryland, effective May 1, 2018, establishing requirements for bid bonds related to state procurement solicitations. The document outlines the mandatory submission of bid bonds for project bidders and specifies that the Principal (bidding company) and Surety (bonding company) must jointly and severally bind themselves to the State of Maryland for a penalty amount equal to at least five percent of the total bid amount. Bidders must execute further contractual documents and provide required performance and payment bonds within ten days of receiving forms if no period is specified, or within ninety days for bid acceptance if no period is otherwise specified. The bond remains valid during any extension period up to ninety additional calendar days beyond the original acceptance period, with notice to the Surety waived for extensions within this timeframe.
The document requires completion of signature sections appropriate to the Principal's business structure—Individual Principal, Partnership Principal, or Corporate Principal—with proper attestation, witness signatures, and affixed seals from both the Principal's corporation and the Surety. An original power of attorney must be attached to the completed bid bond. The State of Maryland's Assistant Attorney General must approve the bond as to form and legal sufficiency prior to execution. The bid bond serves as security ensuring that if the Principal fails to execute required contractual documents or provide mandated bonds upon bid acceptance, the Surety will pay the State the difference between the Principal's bid amount and any higher amount the State must pay another contractor, up to the bond penalty amount.
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Text version
Bid Bond Page-1 effective date: May 1, 2018
Bid Bond
Bond No. Usually left blank – bid bonds generally don’t receive a bond number. Bond numbers are issued at the performance and payment bond level.
We, Legal Name of Company as Principal, hereinafter called the Principal, and Name of Surety, a corporation duly organized under the laws of the State of Surety Company’s State as Surety, hereinafter called the Surety, are held and firmly bound unto the State of Maryland, hereinafter called "State", for the sum of AT LEAST FIVE PERCENT OF TOTAL AMOUNT OF BID (5%) 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 (Identify project by number and brief description):
Project Number, Project Description (Best practice is the procurement officer adds this information prior to attaching to the eMMA solicitation)
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.
Firm should complete which section is applicable (Individual Principal, Partnership
Principal or Corporate Principal) with Name of Corporation, President’s Signature, Witness/Attest, and Seal.
Individual Principal
In Presence of:
Witness
(Name) as to (SEAL)
Partnership Principal
In Presence of:
Witness
(Name) as to (SEAL)
Partner
Bid Bond Page-2 effective date: May 1, 2018
Corporate Principal
Attest: (Name of Corporation) AFFIX
SEAL
By:
Secretary President
Surety’s Name
Attest: (Surety)
Surety’s Witness Signature By: Surety’s Attorney Signature
Attorney-in-fact Printed Attorney’s Name
AFFIX SEAL
Bonding Agent’s Name Bonding Agent’s Name
Agent’s Address: Bonding Agent’s Address
Approved as to form and legal sufficiency this ____ day of _____
20___
COMPLETED BY DGS’
ASSISTANT ATTORNEY
GENERAL.
Assistant Attorney General
ENSURE ORIGINAL HAS THE CORPORATION’S SEAL AND THE SURETY’S SEAL.
FOR INDIVIDUAL PRINCIPALS AND PARTNERSHIP PRINCIPALS, THIS CAN BE
ACCOMPLISHED BY LEAVING “(SEAL)” AS IS OR BY WRITING “SEAL” AFTER A
SIGNER’S NAME.
ORIGINAL MUST HAVE AN ORIGINAL POWER OF ATTORNEY ATTACHED.
File details come from the government source that posted it. Updated .