NEW BID BOND.pdf

This document is a Bid Bond form template used by the State of West Virginia for state and local contract opportunities. The bid bond serves as a financial guarantee that a principal (bidder) will enter into a contract with the State if their bid is accepted. The form requires identification of the principal, surety company, and obligee (State of West Virginia), along with specification of the penal sum amount. The bond ensures that if a bid is rejected or accepted, the principal will either furnish additional required bonds and insurance or perform the agreement created by bid acceptance. The form includes signature and seal requirements for both the principal and surety, with designated spaces for the principal's name, title, and authorization level, as well as the surety's name and attorney-in-fact signature.

The document includes preparation instructions with lettered reference fields (A through W) that correspond to specific contract details to be completed when the bond is executed. Critical requirements state that the surety must be licensed in West Virginia to transact surety insurance, must affix its seal to the document, and must attach a power of attorney with its seal affixed. The surety stipulates that its bond obligations will not be impaired by any extension of time for bid acceptance, and the surety waives notice of such extensions. The minimum acceptable bid bond is specified as 5 percent of the total bid amount. The form was revised as of June 2013 and is issued by the West Virginia Department of Administration's Purchasing Section.