Bid Bond - Limited Liabiliy Company.pdf
PDF 126 KB Posted
- Solicitation number
- BPM058189
- Issued by
- Baltimore County, Maryland
About this file
This is a Bid Bond form for the State of Maryland, specifically for project M-382-270-003, the HVAC Unit Replacement at the Range Operations Building in Glen Arm, Maryland. The bid bond establishes a contractual obligation whereby the Principal (bidder) and Surety agree to guarantee performance if the Principal's bid is accepted by the State. The Principal must execute any required contractual documents and provide any necessary bonds within ten days of receiving the forms, or within the period specified in the bid. The State has ninety days to accept the bid if no other period is specified, and the Surety's obligation remains valid even if the State extends the acceptance period by up to ninety additional calendar days without providing notice to the Surety.
The bid bond serves as a financial guarantee that protects the State of Maryland by ensuring the winning bidder will enter into the contract. If the Principal fails to execute the required contractual documents and provide necessary bonds within the specified timeframe, the Surety becomes liable to pay the difference between the Principal's bid amount and any higher amount the State incurs by contracting with another party to perform the HVAC replacement work. The form accommodates various Principal entities, including individuals, partnerships, and corporations, with designated spaces for signatures, seals, and notarization. The bond document requires approval by the Assistant Attorney General as to form and legal sufficiency prior to execution.
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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):
M-382-270-003 HVAC Unit Replacement at the Range Operations Building
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 .