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CITY OF FAIRFAX VIRGINIA STANDARD BID BOND KNOW ALL MEN BY THESE REPRESENTS That the Contractor Principal whose principal place of business is located atand Surety whose address for delivery of Notices is located at Fairfax Virginia the Owner Obligee in the amount of Five percent 5 of the Amount total Base Bid plus all Additive Bid Items Bid by Principal for the payment whereof Principal and Surety bind themselves their heirs executors administrators successors and assigns jointly and...
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How to fill out standard bid bond
How to fill out standard bid bond
01
Start by obtaining the bid bond form from the relevant authority or organization.
02
Read the form carefully and gather all the necessary information and documents required to fill it out.
03
Begin by filling out the basic details such as the name of the bidder, company information, and contact details.
04
Provide the project name, bid date, and bid amount for which the bid bond is being obtained.
05
Enter the name of the principal, typically the project owner or the organization requesting the bid bond.
06
Include any additional information or requirements specified in the bid bond form.
07
Review the filled out form for accuracy and completeness.
08
Get the bid bond form notarized, if required.
09
Submit the completed bid bond form along with any required supporting documents to the issuing authority.
10
Pay any applicable fees or premiums for obtaining the bid bond.
11
Wait for the bid bond to be approved and issued by the authority.
12
Receive the approved bid bond and keep a copy for your records.
Who needs standard bid bond?
01
Contractors or construction companies participating in bidding processes for public or private projects often need standard bid bonds.
02
Government agencies, municipalities, and organizations organizing bidding processes generally require bid bonds from potential bidders.
03
Individuals or businesses soliciting proposals for construction or renovation projects may also ask for bid bonds from contractors to ensure their financial capability and commitment to the project.
04
In general, anyone participating in competitive bidding processes where financial security is required may need a standard bid bond.
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What is standard bid bond?
A standard bid bond is a guarantee provided by a bidder to a project owner to ensure that the bidder will enter into a contract if they are awarded the bid.
Who is required to file standard bid bond?
Contractors or bidders participating in a competitive bidding process are typically required to file a standard bid bond.
How to fill out standard bid bond?
To fill out a standard bid bond, the bidder must provide necessary information such as the bid amount, project details, and a signature.
What is the purpose of standard bid bond?
The purpose of a standard bid bond is to protect the project owner from financial loss in case the winning bidder fails to fulfill their obligations.
What information must be reported on standard bid bond?
Information such as bid amount, project details, bidder's information, and signature must be reported on a standard bid bond.
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