Bid Bond - Limited Liability Company.pdf
PDF 137 KB Posted
- Attached to
- CC-622-260-003A
- Solicitation number
- BPM059257
- Issued by
- Maryland
About this file
This is a Bid Bond form for a Limited Liability Company related to the State of Maryland's contract opportunity CC-622-260-003A for Mechanical Replacement at the Life Sciences Building at Baltimore City Community College. The bid bond serves as a financial guarantee that the Principal, upon acceptance of their bid by the State, will execute all required contractual documents and provide necessary bonds within the specified timeframes. The State allows ninety (90) days for bid acceptance if no period is specified, and ten (10) days for the Principal to execute further contractual documents and provide bonds after receiving the forms. The form accommodates signatures for individual principals (managing members of LLCs), partnerships, and corporate entities, with provisions for a surety corporation to guarantee performance.
The bid bond establishes a financial penalty mechanism whereby the Surety agrees to pay the State the difference between the Principal's bid amount and any higher amount the State must pay to contract with another party to perform the work, not to exceed the full penalty amount of the bond. The Surety's obligation remains valid even if the State extends the bid acceptance period by up to ninety (90) additional calendar days, with notice to the Surety waived for such extensions. The form requires certification by an Assistant Attorney General regarding approval as to form and legal sufficiency, and must be executed with appropriate seals and authorized signatures from both the Principal and Surety entities.
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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 CC-622-260-003A-Mechanical Replacement at Life Science Building at BCCC:
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 .