Bid Bond Form
This Bid Bond Form is available for use on UpCounsel. You can download this free Bid Bond Form below and have it customized for your unique business legal needs today.
KNOW ALL PERSONS BY THESE PRESENTS:
That we ____________________________________ as Principal, and________________________________, as Surety, are held and firmly bound unto hereinafter called, in the sum of $ [INSERT OF ANTICIPATED CONTRACT VALUE] for payment of which in lawful money of the United States, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THE ABOVE OBLIGATION IS SUCH THAT, WHEREAS, Principal has submitted a Bid for the work described as follows:
[INSERT DESCRIPTION PROJECT NAME AND LOCATION]
NOW, THEREFORE, if Principal shall not withdraw said Bid within the time period specified after the Bid Deadline, as defined in the Bidding Documents, or within days after the Bid Deadline if no time period be specified, and, if selected as the apparent lowest responsible Bidder, Principal shall, within the time period specified in the Bidding Documents, do the following:
(1) Enter into a written agreement, in the prescribed form, in accordance with the Bid.
(2) File two bonds with one to guarantee faithful performance and the other to guarantee payment for labor and materials, as required by the Bidding Documents.
(3) Furnish certificates of insurance and all other items as required by the Bidding Documents.
In the event of the withdrawal of said Bid within the time period specified, or within days if no time period be specified, or the disqualification of said Bid due to failure of Principal to enter into such agreement and furnish such bonds, certificates of insurance, and all other items as required by the Bidding Documents, if Principal shall pay to _____________ an amount equal to the difference, not to exceed the amount hereof, between the amount specified in said Bid and such larger amount for which _____________ procure the required work covered by said Bid, if the latter be in excess of the former, then this obligation shall be null and void, otherwise to remain in full force and effect.
In the event suit is brought upon this bond by _____________, Surety shall pay
reasonable attorneys' fees and costs incurred by ________________ in such suit.
IN WITNESS WHEREOF, we have hereunto set our hands this_______ day of
Address for Notices:
NOTE: The signature of the person executing the Bid Bond form must be notarized. If an attorney-in-fact executes the Bid Bond on behalf of the surety, a copy of the current power of attorney bearing the notarized signature of the appropriate corporate officer must also be included with the Bid Bond.
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This form has been prepared for general informational purposes only. It does not constitute legal advice, advertising, a solicitation, or tax advice. Transmission of this form and the information contained herein is not intended to create, and receipt thereof does not constitute formation of, an attorney-client relationship. You should not rely upon this document or information for any purpose without seeking legal advice from an appropriately licensed attorney, including without limitation to review and provide advice on the terms of this form, the appropriate approvals required in connection with the transactions contemplated by this form, and any securities law and other legal issues contemplated by this form or the transactions contemplated by this form.