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 format for businesses (the Principal) to submit a financial guarantee when bidding on state contracts, ensuring that if their bid is accepted, they will enter into the proposed contract and provide required bonds and insurance. The template includes spaces for key details such as the Principal's and Surety's information, the penal sum of the bond, and specific conditions of the bid submission.

The Bid Bond serves as a protection mechanism for the state, requiring the Principal to commit to the terms of their bid or face financial penalties. The document emphasizes that the Surety (insurance company) is bound alongside the Principal, with the liability not to exceed the stated penal amount. An important note specifies that the Surety must be licensed in West Virginia to transact surety insurance and must include its seal and a power of attorney with the bond. The form is designed to be completed with specific details of the bid, including the agency, bid proposal, and other relevant information at the time of submission.