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Bid Bond

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					Bid Bond
This Bid Bond is a written guarantee from a third party guarantor (surety company)
submitted by a contractor with a bid to work on a construction project. This document
provides the project owner with assurance that the contractor has the capability to
proceed with the contract if selected. This Bid Bond contains standard terms commonly
found in these types of instruments. It should be used by contractors when submitting a
bid to work on a project or surety companies when providing a guarantee for those bids.
                                                     BID BOND

KNOW ALL PERSONS BY THESE PRESENTS, that we, _[Name of Bidder]_ of _[Bidder’s
Address]_, __________, __________, __________ as Principal, a corporation duly authorized to
do business as a construction contractor in the state of __________, and _[Name of Surety]_ of
_[Surety’s Address]_, __________, __________ __________ a corporation duly authorized to
do business as a surety company under the laws of the state of __________, as Surety, are jointly
and severally held and firmly bound unto _[Name of Project Owner]_ of _[Project Owner’s
Address]_, __________, __________ __________, as Obligee, in the penal sum of _[Bond
Amount]_ Dollars, for the payment of which sum well and truly to be made, the said Principal
and the said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns,
by these presents.

WHEREAS, the Principal has submitted a bid for the project named _[Project Name]_ located at
_[Project Address]_, __________, __________ __________.

NOW, THEREFORE, if the Obligee shall accept the bid of the Principal and the Principal shall
enter into a Contract with the Obligee in accordance with the terms of such bid, and give such
bonds as may be specified in the bidding or Contract documents with good and sufficient surety
for the faithful performance of such Contract and for the prompt payment of labor and material
furnished in the prosecution thereof, or in the event of the failure of the Principal to enter such
Contract and give such bond or bonds, if Principal shall pay to the Obligee the difference not to
exceed the penalty hereof between the amount specified in said bid and such larger amount for
which the Obligee may in good faith contract with another party to perform the work covered by
said bid, then this obligation shall be null and void, otherwise to remain in full force and effect.

IN WITNESS WHEREOF, this instrument is executed as of ___[Date]___.


Principal: _[Name of Bidder]_


________________________________
Name: __________
Title: __________


Surety: _[Name of Surety]_


________________________________
Name: __________
Title: __________




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DOCUMENT INFO
Description: This Bid Bond is a written guarantee from a third party guarantor (surety company) submitted by a contractor with a bid to work on a construction project. This document provides the project owner with assurance that the contractor has the capability to proceed with the contract if selected. This Bid Bond contains standard terms commonly found in these types of instruments. It should be used by contractors when submitting a bid to work on a project or surety companies when providing a guarantee for those bids.
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