NEW BID BOND.pdf

This document is a Bid Bond form for a West Virginia state agency procurement process. The form provides a template for a surety bond that guarantees a bidder's commitment to enter into a contract if their bid is accepted. The bond serves as a financial protection for the state, ensuring that if a bidder is awarded a contract but fails to follow through, the surety company will be responsible for any financial damages or additional costs incurred.

The bid bond preparation instructions specify that the surety executing the bond must be licensed in West Virginia to transact surety insurance and must include its seal and a power of attorney. The form requires detailed information about the principal (bidder), including their business entity name, location, and authorized representative. The bond typically covers a percentage of the total bid amount, with the specific percentage to be filled in by the bidder. The document is designed to provide a standardized format for bid guarantees in state procurement processes, with a revision date of 6/2013.