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Bid Guaranty Contract Bond Form * * * * IMPORTANT NOTICE * * * * (BIDDERS ARE STRONGLY ENCOURAGED TO FORWARD THIS NOTICE TO THEIR SURETY AGENT PRIOR TO PREPARING A BID GUARANTY AND CONTRACT BOND FOR
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How to fill out bid guaranty contract bond

01
To fill out a bid guaranty contract bond, follow these steps:
02
Obtain a bid guaranty contract bond form from a surety company or download it online.
03
Fill in the name of the principal (the party submitting the bid) and their contact information.
04
Provide the name of the obligee (the party receiving the bid) and their contact information.
05
Specify the project or contract for which the bid is being submitted.
06
Enter the bid amount and any other relevant financial details.
07
Include the effective date and term of the bond, typically corresponding to the bid submission deadline.
08
Sign the bond form and have it notarized if required.
09
Attach any required supporting documents, such as financial statements or references.
10
Submit the completed bid guaranty contract bond to the obligee along with the bid.
11
Keep a copy of the bond and any accompanying documentation for your records.

Who needs bid guaranty contract bond?

01
A bid guaranty contract bond is typically required by public entities, such as government agencies, municipalities, or school districts, when they issue a solicitation for bids on a construction project or procurement contract.
02
Contractors, suppliers, or service providers who wish to submit a bid for such projects need to obtain a bid guaranty contract bond to demonstrate their commitment and financial ability to fulfill the contract if awarded.
03
In some cases, private entities may also require bid guaranty contract bonds for certain projects to ensure the bidders' financial responsibility and security.
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A bid guaranty contract bond is a type of surety bond that ensures the bidder will fulfill their obligations as outlined in the contract.
Contractors and construction companies are typically required to file bid guaranty contract bonds when bidding on public construction projects.
To fill out a bid guaranty contract bond, the contractor must provide information about their financial stability, experience, and project details.
The purpose of a bid guaranty contract bond is to protect the project owner in case the winning bidder fails to meet the terms of the contract.
The bid guaranty contract bond must include details about the contractor's financial situation, work history, and the specific project being bid on.
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