NEW BID BOND.pdf

The document is a Bid Bond template for the State of West Virginia, specifically designed for use by the Department of Administration's Purchasing Section. This standard form provides a legal instrument that guarantees a bidder's commitment to enter into a contract if their bid is accepted, with the surety company providing financial assurance. The template is structured to allow bidders to formally submit a proposal with a financial guarantee, ensuring that if the bid is accepted, the principal (bidder) will proceed with the contract and provide any required additional bonds and insurance.

The bid bond form includes provisions for the surety to be held liable for the full penal amount of the bond if the bidder fails to honor their bid, with the specific amount to be filled in by the bidder (typically 5% of the total bid). The document is specifically tailored for West Virginia state agencies, with a critical note that the surety executing the bond must be licensed in West Virginia to transact surety insurance, must affix its seal, and must attach a power of attorney. The form was last revised in June 2013 (REV. 6/2013) and provides a standardized template for businesses seeking to bid on state contracts.