Standard Bid Bond.pdf

Standard Bid Bond

CITY OF FAIRFAX, VIRGINIA

STANDARD BID BOND

KNOW ALL PERSONS BY THESE PRESENTS: That the Contractor ___________________________

(“Principal”) whose principal place of business is located at _______________________________ and ______________________ (“Surety”) whose address for delivery of ‘Notices’ is located at

_________________________________________ are held and firmly bound unto the City of Fairfax, Virginia, the Owner (“Obligee”) in the amount of five percent (5%) of the Amount Bid by Principal (total Base Bid plus all Additive Bid Items), for the payment whereof, Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, the principal has submitted a bid for ________________________________________.

NOW, THEREFORE, the conditions of this obligation are as follows. This Bid Bond shall guarantee that the Principal will not withdraw his bid during the period of ninety (90) days following the opening of bids; that if his bid is accepted, Principal will enter into a formal contract with the City of Fairfax, Virginia in accordance with the Contract Between Owner and Contractor, valid post Bid modification, included as a part of the Invitation for Bids (IFB Documents); that Principal will submit a properly executed and authorized Standard Performance Bond and Standard Labor and Material Payment Bond on the forms furnished by the City of Fairfax, Virginia; and that in the event of the withdrawal of said bid within said period, or failure to enter into said contract and give said bonds within ten (10) days after Principal has received notice of acceptance of his bid, Principal and Surety shall be jointly and severally liable to the Owner for the difference between the amount specified in said bid and such larger amount for which the Owner may contract with another party to perform the Work covered by said bid, up to the amount of the bid guarantee. This amount represents the damage to the Owner on account of the default of the bidder in any particular circumstance thereof.

Signed and sealed this ________ day of ________ BY: ________________________________________

Name and Title: ________________________________________ Contractor/Principal

(SEAL)

Witness

By: ________________________________________ ______________________________________ Name of Attorney-In-Fact Surety

Standard Bid Bond

IMPORTANT – Surety companies executing BONDS shall appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the Commonwealth of Virginia.

AFFIDAVIT AND ACKNOWLEDGEMENT OF ATTORNEY‐IN‐FACT

CITY OF FAIRFAX, VIRGINIA

I, the undersigned notary public, do certify that ___________________________, whose name is signed to the foregoing bid bond in the amount of five percent (5%) of the Total Bid Amount and which names City of Fairfax, Virginia, as Obligee, personally appeared before me today in the above jurisdiction and made oath that he/she is the attorney-in-fact of _________________________________, a _____________________________ Corporation which is the Surety in the foregoing bond, that he/she is dully authorized to execute on the above Surety’s behalf the foregoing bond pursuant to the Power of Attorney noted above and attached hereto, and on behalf of the surety, he/she acknowledged the foregoing bond before me as the above Surety’s act and deed.

She/he has further certified that her/his Power of Attorney has not been revoked.

[Complete if Power is recorded] Clerk’s Office:

Deed Book/Page No. of Instrument No.: ____________________________________

Given under my hand this ______ day of ___________________________________

Notary Public (SEAL)

Name (printed): Registration _____________________________

Number: Commission Expires: _____________________________

END