MDOT Bid Bond Sample

Description

BID BOND KNOW ALL MEN BY THESE PRESENTS, that we Contractor Address City, State ZIP as Principal, hereinafter called the Principal, and Surety a corporation duly organized under the laws of the state of as Surety, hereinafter called the Surety, are held and firmly bound unto State of Mississippi, Jackson, Mississippi As Obligee, hereinafter called Obligee, in the sum of Five Per Cent (5%) of Amount Bid Dollars ($ ) for the payment of which sum will and truly to be made, the said Principal and said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has submitted a bid for ___________________________________________________________ (Enter Project Number & Description) NOW THEREFORE, the condition of this obligation is such that if the aforesaid Principal shall be awarded the contract, the said Principal will, within the time required, enter into a formal contract and give a good and sufficient bond to secure the performance of the terms and conditions of the contract, then this obligation to be void; otherwise the Principal and Surety will pay unto the Obligee the difference in money between the amount of the bid of the said Principal and the amount for which the Obligee legally contracts with another party to perform the work if the latter amount be in excess of the former, but in no event shall liability hereunder exceed the penal sum hereof. Signed and sealed this day of , 20___ (Principal) Sample Only Use Bid Bond in Proposal (Seal) By: (Witness) (Name) (Title) (Surety) By: (Witness) (Attorney-in-Fact) MS Agent Mississippi Insurance ID Number (Seal)