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BID PROPOSAL INSTRUCTIONS ABOUT DOT PROPOSALS: All proposals are potential bidding proposals. Each proposal contains all certifications and affidavits, a proposal signature sheet and a proposal bid

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How to fill out an annual bid bond

01

Obtain the annual bid bond form from the relevant authority or organization.

02

Read through the instructions and requirements outlined in the form carefully.

03

Fill out the general information section, including the name of the principal, obligee, and surety.

04

Provide details about the project or contract for which the bid bond is required.

05

Enter the penal sum or amount of the bond, which is usually expressed as a percentage of the bid amount.

06

Include any additional information or documentation as specified in the form.

07

Review the completed form to ensure accuracy and completeness.

08

Sign and date the form, and have it duly witnessed or notarized if required.

09

Submit the filled-out annual bid bond form to the appropriate authority or organization within the specified deadline.

10

Keep a copy of the completed form and any supporting documents for your records.

Who needs an annual bid bond?

01

Contractors or construction companies involved in bidding for projects or contracts.

02

Suppliers or vendors participating in competitive bidding processes.

03

Any entity required by the obligee (such as a government agency or private organization) to provide a bid bond as a condition for bidding.

04

Individuals or businesses seeking to demonstrate their financial capacity, reliability, and commitment to fulfilling contractual obligations.

05

Those aiming to establish trust and credibility with potential clients or project owners.

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