Bid Bond - Limited Liability Company.pdf
PDF 102 KB Posted
- Solicitation number
- BPM059610
- Issued by
- Baltimore County, Capitol Heights Town, Maryland
About this file
This is a Bid Bond form for Limited Liability Company principals, issued by the State of Maryland for contract opportunity SG-000-270-003 concerning Roof Replacement, Repair and Gutter Replacement at Red Brick Cottages 1-4. The bid bond establishes a financial guarantee between the bidding principal and a surety corporation, binding both parties to the State of Maryland. The principal must execute any required contractual documents and provide necessary performance bonds within ten (10) days of receiving forms, or within the time period specified in the bid acceptance terms. The State allows ninety (90) days for bid acceptance unless otherwise specified in the solicitation. If the principal fails to execute required documents and provide bonds, the surety agrees to pay the State the difference between the principal's bid amount and any larger amount the State must pay another contractor to complete the work, not to exceed the penalty amount of the bond.
The Surety's obligation remains valid even if the State extends the bid acceptance period by up to an additional ninety (90) calendar days, with notice to the Surety being waived for such extensions. The bond document requires execution by an authorized representative of the principal (managing member for LLC, partner for partnerships, or corporate officer with seal), witnessed signature, and approval by the State's Assistant Attorney General as to form and legal sufficiency. The specific bond penalty amount, surety identity, bond number, principal name, and approval date are to be completed on the executed instrument.
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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: SG-000-270-003 Roof Replacement, Repair and Gutter
Replacement Red Brick Cottages 1-4
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
Bid Bond
File details come from the government source that posted it. Updated .