NEW BID BOND.pdf

This document is a Bid Bond template for the State of West Virginia used by state agencies through the Department of Administration's Purchasing Section. The bid bond serves as a financial guarantee that a bidder who submits a proposal will enter into a contract if their bid is accepted and will furnish any additional bonds and insurance as required. The bond is executed by a principal (the bidder) and a surety company licensed in West Virginia. The minimum acceptable bid bond amount is five percent of the total bid, though agencies may specify a different percentage or specific amount. The bond remains in effect until the bidder either has their bid rejected or accepts and executes the contract in accordance with the bid documents.

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 to the bond document. The principal's representative signing the bond must be a President, Vice President, or Duly Authorized Agent. The bond protects the State of West Virginia by ensuring bidder compliance with the proposal terms and conditions. The surety waives notice of any time extensions granted to the bidder for bid acceptance. This is a standard template document with numbered preparation instructions for completing the required fields with agency, bidder, and surety information specific to each procurement.