Bid Bond - Limited Liability Company.pdf
PDF 102 KB Posted
- Attached to
- BA-681-240-001
- Solicitation number
- BPM058733
- Issued by
- Maryland
About this file
This is a Bid Bond form for Limited Liability Companies issued by the State of Maryland for contract opportunity BA-681-240-001, which involves ADA Modifications. The bond serves as a guarantee that the principal bidder will execute required contractual documents and provide necessary performance bonds upon acceptance of their bid within ninety (90) days, or alternatively pay the State the difference between their bid amount and any higher amount the State must pay to secure another contractor. If the principal fails to execute the required documents and bonds within ten (10) days of receiving the forms, the surety becomes liable for damages up to the bond penalty amount. The form accommodates individual principals acting as managing members of LLCs, partnerships, and corporate entities, with designated spaces for signatures, seals, witness attestations, and surety authorization through an attorney-in-fact.
The bid bond establishes joint and several liability between the principal and surety organization, which must be a corporation duly organized under Maryland state law. The form includes provisions allowing the State to extend the bid acceptance period by up to ninety (90) additional calendar days without requiring notice to the surety. The bond must be approved as to form and legal sufficiency by an Assistant Attorney General. The bonding agent's information and contact details must be provided on the form, along with the specific bond number and penalty amount to be completed upon execution.
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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: BA-681-240-001 ADA Modifications
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
(Managing Member of LLC)
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
File details come from the government source that posted it. Updated .