NEW BID BOND.pdf

This is a Bid Bond document for the State of West Virginia Department of Administration, Purchasing Section. 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 document establishes a binding obligation between the principal, surety, and the State of West Virginia, securing performance of the bidder's contractual commitments upon award.

The bid bond requires that a surety company licensed in West Virginia execute the bond and affix its seal, along with attaching a power of attorney. The minimum acceptable bid bond is set at 5% of the total bid amount, with the specific dollar amount to be determined based on each individual solicitation. The surety's obligations remain unimpaired by any extension of the time within which the obligee (state) may accept the bid, and the surety waives notice of any such extension. The document specifies that the principal must be signed by a President, Vice President, or Duly Authorized Agent, and includes designated spaces for the principal seal, surety seal, attorney-in-fact signature, and the date of execution. The bond preparation instructions provide detailed guidance on completing all required fields to ensure compliance with West Virginia state contracting requirements.