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 template for the Ada County Highway District (ACHD), designed to be completed by a bidding contractor and their surety company. The form requires the principal (contractor) to provide a bond equal to 10% of their total proposal amount, which serves as a financial guarantee that if awarded the contract, they will enter into the agreement and furnish required performance and payment bonds within 10 days of contract presentation. The template is structured to be filled out with specific contract details, including the contract name and number, and is set to be executed in 2025.
The Bid Bond serves as a legal and financial instrument that protects ACHD by ensuring the bidding contractor's commitment to the proposed project. If the contractor fails to follow through with the contract terms after being awarded the project, the surety company becomes financially responsible for the specified penal sum. The document requires signatures from both the principal and surety, with a mandatory attachment of the surety agent's power-of-attorney. This form is noted as optional for use by the contractor and bonding company, providing flexibility in 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 .