Get the free bid bond penal sum form - Nashua, NH

PENAL SUM FORM 5% BID BOND BIDDER (Name and Address):SURETY (Name and Address of Principal Place of Business):OWNER (Name and Address):BID DUE DATE: PROJECT (Brief Description Including Location):BOND

How to fill out bid bond penal sum

How to fill out bid bond penal sum

1. To fill out a bid bond penal sum, follow these steps:
2. Start by entering the name and contact information of the surety company providing the bid bond.
3. Next, input the name and contact information of the principal (the contractor or bidder) who is obtaining the bid bond.
4. Specify the penal sum, which is the maximum amount that the surety company will be liable for in case the principal fails to fulfill their obligations.
5. Provide any additional information required by the surety company, such as the project name, bid number, or contract details.
6. Sign and date the bid bond penal sum form.
7. Submit the completed form to the surety company for review and approval.

Who needs bid bond penal sum?

1. Bid bond penal sums are needed by contractors or bidders who are participating in competitive bidding processes, particularly in the construction industry.
2. These bonds serve as a financial guarantee to the project owner (obligee) that the contractor will enter into the contract if awarded and will provide the required performance and payment bonds.
3. Bid bond penal sums protect the project owner from potential losses in case the contractor fails to fulfill their obligations, such as entering into the contract or providing the required performance and payment bonds.
4. In some cases, government agencies or private project owners may require contractors to obtain bid bond penal sums as a condition for participating in the bidding process.
5. It helps establish the contractor's credibility and capability to complete the project as per the contract terms and conditions.

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What is bid bond penal sum?

The bid bond penal sum is the amount of money that the bidder must provide as a guarantee that they will fulfill the terms of the contract if they are awarded the bid.

Who is required to file bid bond penal sum?

Contractors and vendors who are bidding on a project are required to file bid bond penal sum.

How to fill out bid bond penal sum?

Bid bond penal sums can be filled out by obtaining a bid bond from a surety company or bank, and submitting it along with the bid documents.

What is the purpose of bid bond penal sum?

The purpose of bid bond penal sum is to ensure that the bidder is serious about their bid and will comply with the terms of the contract if awarded.

What information must be reported on bid bond penal sum?

The bid bond penal sum must include the amount of the bond, the name of the surety company or bank that issued the bond, and the project for which the bid is being submitted.