NEW BID BOND.pdf

This document is a Bid Bond template for the State of West Virginia, specifically designed for use by the Department of Administration's Purchasing Section. The form provides a standard legal instrument that allows a bidder to submit a proposal for a contract opportunity, with the bond serving as a financial guarantee that the bidder will enter into the contract if awarded. The document includes spaces for detailing the principal (bidder), surety (bond issuer), and the specific bid or proposal being submitted, with provisions that protect the state's interests in case the bidder fails to proceed with the contract after being selected.

The bid bond includes critical provisions such as the penal sum (financial liability), which is typically a percentage of the total bid amount, and stipulates that the surety is jointly and severally bound with the principal for performance. An important note specifies 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 document is designed to be completed with specific details about the bid, including the bidder's information, corporate details, and signatures from authorized representatives, thereby creating a legally binding commitment to the bid process.