Bid Bond - Limited Liabiliy Company.pdf
PDF 126 KB Posted
- Solicitation number
- BPM059114
- Issued by
- Maryland
About this file
This is a Bid Bond document for the State of Maryland related to project AH-000-270-003, the IQC Replacement of Gymnasium Bleachers at the Maryland School for the Deaf. The bid bond establishes a contractual obligation between a principal (bidder), a surety corporation, and the State of Maryland. The principal must execute further contractual documents and provide required bonds within ten days of receiving forms, or within the timeframe specified in the bid acceptance period, which defaults to ninety days if no period is specified. The surety's obligation remains valid even if the State extends the bid acceptance period by up to an additional ninety calendar days, with notice to the surety waived for extensions within this limit.
The bid bond serves as financial assurance that if the principal fails to execute required contractual documents and bonds, the principal shall pay the State the difference between the principal's bid amount and any larger amount the State must pay to contract with another party to perform the work, up to the penalty amount specified in the bond. This solicitation is restricted to Small Business Enterprises approved for the Master Contractors Central Region contract. The document includes signature blocks for corporate principals, individual managing members of limited liability companies, or partners, along with surety authorization and approval by an Assistant Attorney General.
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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):
AH-000-270-003 IQC Replacement of Gymnasium Bleachers
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 .