Bid_Bond_-_Limited_Liabiliy_Company.pdf
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- Solicitation number
- BPM057754
- Issued by
- Capitol Heights Town, Maryland
About this file
This is a Bid Bond document for the State of Maryland related to contract opportunity E-500-261-003 for an IQC Upgrade Walk-In Refrigerator/Freezers project in Cambridge, Maryland. The bid bond serves as a financial guarantee that a bidder will execute the contract if their bid is accepted by the State. The solicitation is restricted to Small Business Enterprises that have been approved for the Master Contractors Central Region contract. The bond establishes a ninety (90) day acceptance period for the State to accept the principal's bid, with the principal required to execute further contractual documents and provide any required performance bonds within ten (10) days of receiving the forms, or alternatively pay the State the difference between their bid amount and any higher amount the State must pay to contract with another party to perform the work.
The bid bond document contains standard provisions regarding the principal's and surety's joint and several liability to the State of Maryland for the bid penalty amount. The surety's obligation is not impaired by bid acceptance extensions up to ninety (90) additional calendar days beyond the original acceptance period. The document requires execution by a corporate principal with attestation by the corporation's secretary and president, as well as by the surety through an attorney-in-fact, with both signatures to be accompanied by seals. The bond must be approved as to form and legal sufficiency by an Assistant Attorney General. No specific bid amount, surety information, or bonding agent details are filled in on this template document, which is effective as of May 1, 2018.
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Text version
Bid Bond Page-1 effective date: May 1, 2018
Bid Bond
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
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 (Identify project by number and brief description):
E-500-261-003 IQC UPGRADE WALK-IN REFRIGERATOR/FREEZERS.
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.
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 .