Bid Bond Preparation Instructrions.pdf
PDF 21 KB Posted
- Solicitation number
- ARFQ 0512 MMB2600000002 2
- Issued by
- Cabell County, West Virginia
About this file
This document is bid bond preparation instructions issued by the State of West Virginia's Department of Administration for use in responding to RFQs and RFPs. The instructions provide a standardized bid bond template and detailed guidance on completing each required field. The bid bond serves as a guarantee that a bidder will enter into a contract if their bid is accepted and will furnish any required bonds, insurance, and performance as outlined in the bid documents. The document specifies that the Principal (bidder) and Surety (bonding company) must jointly bind themselves to the State of West Virginia as Obligee, with the bond remaining in effect regardless of any extensions of time granted by the state to accept the bid.
The minimum acceptable bid bond amount is five percent of the total bid, which may be stated either as "5% of bid" or as a specific dollar amount. The Surety must be licensed in West Virginia to transact surety insurance, must affix its corporate seal to the bond, and must attach a dated power of attorney with seal. The bond document must be signed by the President, Vice President, or a Duly Authorized Agent of the Principal, and by the Attorney-in-Fact of the Surety. The Surety's liability under the bond shall not exceed the stated penal amount, and the bond becomes null and void only if the bid is rejected or if the Principal accepts the contract and fully performs all obligations as specified in the accepted bid.
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Text version
REV. 6/2013
BID BOND PREPARATION INSTRUCTIONS
AGENCY (A)
RFQ/RFP# (B)
Bid Bond
(A) WV State Agency (Stated on Page 1 “Spending Unit”)
KNOW ALL MEN BY THESE PRESENTS, That we, the undersigned,
(C) of (D) , (E) , as Principal, and (F) of (G) ,
(H) , a corporation organized and existing under the laws of the State of (I) with its principal office in the City of
(J) , as Surety, are held and firmly bound unto The State of West Virginia, as Obligee, in the penal sum of (K) ($ (L) ) for the payment of which, well and truly to be made, we jointly and severally bind ourselves, our heirs, administrators, executors, successors and assigns.
The Condition of the above obligation is such that whereas the Principal has submitted to the Purchasing Section of the Department of Administration a certain bid or proposal, attached hereto and made a part hereof to enter into a contract in writing for (M)
NOW THEREFORE
(a) If said bid shall be rejected, or
(b) If said bid shall be accepted and the Principal shall enter into a contract in accordance with the bid or proposal attached hereto and shall furnish any other bonds and insurance required by the bid or proposal, and shall in all other respects perform the agreement created by the acceptance of said bid then this obligation shall be null and void, otherwise this obligation shall remain in full force and effect. It is expressly understood and agreed that the liability of the Surety for any and all claims hereunder shall, in no event, exceed the penal amount of this obligation as herein stated
The Surety for value received, hereby stipulates and agrees that the obligations of said Surety and its bond shall be in no way impaired or affected by any extension of time within which the Obligee may accept such bid: and said Surety does hereby waive notice of any such extension.
WITNESS, the following signatures and seals of Principal and Surety, executed and sealed by a proper officer of Principal and Surety, or by Principal individually if Principal is an individual, the _(N)___ day of (O) , 20_(P)_.
Principal Seal (Q) (Name of Principal) (R)
By (S) (Must be President, Vice President, or Duly Authorized Agent)
(T) Title
Surety Seal (V)
(U) (Name of Surety)
(W)___________ Attorney-in-Fact
IMPORTANT – Surety executing bonds must be licensed in West Virginia to transact surety insurance, must affix its seal, and must attach a power of attorney with its seal affixed.
(B) Request for Quotation Number (upper right corner of page #1)
(C) Your Business Entity Name (or Individual Name if Sole Proprietor)
(D) City, Location of your Company
(E) State, Location of your Company
(F) Surety Corporate Name
(G) City, Location of Surety
(H) State, Location of Surety
(I) State of Surety Incorporation
(J) City of Surety’s Principal Office
(K) Minimum amount of acceptable bid bond is
5% of total bid. You may state “5% of bid” or a specific amount on this line in words.
(L) Amount of bond in numbers
(M) Brief Description of scope of work
(N) Day of the month
(O) Month
(P) Year
(Q) Name of Business Entity (or Individual Name if Sole Proprietor)
(R) Seal of Principal
(S) Signature of President, Vice President, or
Authorized Agent
(T) Title of Person Signing for Principal
(U) Seal of Surety
(V) Name of Surety
(W) Signature of Attorney in Fact of the Surety
NOTE 1:
Dated Power of Attorney with Surety Seal must accompany this bid bond.
File details come from the government source that posted it. Updated .