Sample_Bid_Bond.pdf
PDF 35 KB Posted
- Attached to
- Munger Road Bridges #1005 and #2001
- Solicitation number
- CT226-08
- Issued by
- Boise County, Idaho
About this file
This document is a Bid Bond form for the Ada County Highway District (ACHD), which serves as a financial guarantee for a potential contract bid. The form requires the Principal (bidder) and a Surety (bonding company) to commit to a penal sum of 10% of the total proposal amount, ensuring that if the Principal is awarded the contract, they will enter into an agreement with ACHD within ten days and provide Performance and Labor and Material Payment bonds. The document provides a standard template for bidders to complete, with spaces for contract name, contract number, signatures, and required attestations.
The Bid Bond is a standard procurement document that protects ACHD by providing financial recourse if a bidder fails to follow through on their proposal. By requiring a 10% bond, ACHD mitigates its risk and ensures that only serious, financially capable contractors will submit bids. The form explicitly states that if the Principal does not make and enter into the contract as proposed, or fails to provide the required performance bonds, the bond will remain in full force and effect. A surety agent's power-of-attorney must be attached to the document to validate the bond, adding an additional layer of verification to the bidding process.
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Text version
BID BOND
KNOW ALL MEN BY THESE PRESENTS, that we ___________________________________ _____________________________________ of _____________________________________ as Principal, and ______________________________________________________________ as Surety, are held and firmly bound unto the Ada County Highway District (hereinafter called ACHD) in the full and penal sum of ten percent (10%) of the total amount of the proposal of said Principal for the work hereinafter described, for the payment of which will and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, firmly by these presents.
The condition of this obligation is such that whereas the Principal has this day submitted a sealed proposal for:
(Contract Name) (Contract Number)
NOW, THEREFORE, if said Principal shall be awarded and shall duly make and enter into a contract with ACHD in accordance with the terms of said proposal and award, and shall within ten
(10) days (not including Saturdays, Sundays and legal holidays) after presentation of the contract furnish Performance and Labor and Material Payment bonds, then this obligation shall be null and void; otherwise, it shall be and remain in full force and effect.
IN WITNESS WHEREOF, the above bounden parties have executed this instrument this _____ day of _______________, 2025.
Witness: (if Individual or Firm) Principal:
Attest: (if Corporation) By:
Title:
Corporate Seal:
Attest
Surety:
By:________________________________ (Signature)
(Print Name)
(Title)
SURETY AGENT'S POWER-OF-ATTORNEY MUST BE ATTACHED
NOTE:
This form is included for optional use by the Contractor and Bonding Company.
File details come from the government source that posted it. Updated .