ITB STANDARD BID BOND FORM.pdf

663 KB Posted

Attached to
North Campus Flooring Replacement
Solicitation number
CP011326
Issued by
Connecticut

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This is a Standard Bid Bond Form for the State of Connecticut related to the North Campus Flooring Replacement project. The bid bond serves as a financial guarantee that bidders submit with their proposals to demonstrate good faith commitment to the project. The form requires contractors to provide a bid bond equal to ten percent of their bid amount, with both the principal (bidder) and an authorized surety corporation executing the document. The bond obligates the bidder to enter into a formal contract with the State of Connecticut within a specified timeframe if awarded the project and to provide required performance and payment bonds with acceptable surety. Only contractors with documented experience in flooring work are eligible to submit cost proposals and statements of qualification for this project.

The bid bond is forfeited if the awarded contractor fails to execute the contract agreement and provide the necessary bonds as required by the State of Connecticut. The surety company must be authorized to conduct business in Connecticut and execute the bond through its authorized attorney-in-fact. This bonding requirement protects the state against contractor default and ensures financial recourse should the principal fail to fulfill its contractual obligations after winning the bid award.

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CP011326 North Campus Flooring Replacement Drawings.pdf PDF
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Standard Bid Bond Form Page 1 of 1

STANDARD BID BOND:

NOW ALL MEN BY THESE PRESENTS,

That we, _____________________________________________________________ hereinafter called the principal, of _______________________________________, as principal, and _______________________________, hereinafter called the Surety, a corporation organized and existing under the laws of the State of _________________________, and duly authorized to transact a surety business in the State of Connecticut, as Surety, are held and firmly bound unto the State of Connecticut, as obligee, in the penal sum of ten (10) percent of the amount of the bid set forth in a proposal hereinafter mentioned, ________________________________, in lawful money of the United States of America, for the payment of which sum, well and truly to be made to the Obligee, the Principal and the Surety bind, themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION IS SUCH,

That, whereas the Principal has submitted or is about to submit a proposal to the Obligee related to a contract for the Project Referenced above.

NOW, THEREFORE, if the said contract be awarded to the Principal and the Principal shall, within such time as may be specified, enter in the said contract in writing with the State of Connecticut and give the required bonds, with surety acceptable to the Obligee, or if the Principal shall fail to do so, pay to Obligee the damages which the Obligee may suffer by reason of such failure not exceeding the penalty of this bond, then this obligation shall be void, otherwise to remain in full force and effect.

SIGNED, SEALED AND DATED this ________ day of _______________________, 20______

(Principal’s Signature) Surety

______________________________________ by _________________________________ (Print Name) It’s attorney in fact Signature

Company Name (Print name)

hereinafter called the Surety a corporation organized and existing:
under the laws of the State of:
business in the State of Connecticut as Surety are held and firmly bound unto the State of Connecticut:
the payment of which sum well and truly to be made to the Obligee the Principal and the Surety bind:
Surety:
Print Name:
Company Name:
Print name:
DAY:
MONTH:
YEAR:
NAME:

File details come from the government source that posted it. Updated .