NEW BID BOND.pdf

This is a Bid Bond template document issued by the State of West Virginia for use in state and local contract opportunities. The document serves as a standardized form that bidders must complete and submit with their bids to the Purchasing Section of the Department of Administration. The bid bond establishes a contractual obligation between the Principal (bidder), Surety (bonding company), and the State of West Virginia as Obligee. The bond ensures that if a bid is accepted, the Principal will enter into the contract and furnish any additional bonds or insurance required. The document does not specify particular products, services, or project details, as it functions as a template for various procurement opportunities.

The bid bond requires a penal sum (bond amount) to be established based on the specific bid or proposal, typically set at 5% of the total bid amount or a specified amount as determined by the soliciting agency. The Surety executing the bond must be licensed in West Virginia to transact surety insurance and must affix its seal and attach a power of attorney with its seal affixed. The Principal must be represented by a President, Vice President, or Duly Authorized Agent when executing the bond. The document includes provisions stating that the Surety's obligations are not impaired by any extension of time granted to the Obligee to accept the bid, and the Surety waives notice of any such extension. This template was last revised on June 2013 and is designed to protect the State's interests by ensuring bidder performance and financial commitment.