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 framework for businesses (the Principal) submitting bids on state contracts, requiring a surety company to guarantee the bid's integrity. The form allows for completion of specific details such as the bid's penal sum, the Principal's information, and the Surety's details, with spaces to outline the specific contract or project being bid upon.

The bid bond serves as a financial protection mechanism for the state, ensuring that if a bidder is awarded a contract, they will enter into the agreement and provide required performance bonds and insurance. The document mandates that the Surety executing the bond must be licensed in West Virginia, must affix its seal, and must attach a power of attorney. The form includes provisions for scenarios where a bid is rejected or accepted, outlining the obligations of both the Principal and the Surety, with a clear stipulation that the Surety's liability shall not exceed the penal amount specified on the bond.