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REQUIRED ONLY IF CONTRACT AMOUNT IS $50,000 BID BONDING ALL PERSONS BY THESE PRESENTS:That we, as Principal, and, as Surety, are held and firmly bound unto THE REGENTS OF THE UNIVERSITY OF CALIFORNIA,
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How to fill out bid bond - university

01
Step 1: Obtain the bid bond form from the university's procurement department.
02
Step 2: Fill in the required information accurately, including the university's name, address, and contact details.
03
Step 3: Provide the bid amount and the project details for which the bond is being issued.
04
Step 4: Attach any necessary supporting documents, such as financial statements or references.
05
Step 5: Review the completed form for any errors or missing information.
06
Step 6: Submit the filled-out bid bond form to the university's procurement department or as per their instructions.
07
Step 7: Keep a copy of the filled-out bid bond form for your records.

Who needs bid bond - university?

01
Contractors or construction companies who are participating in a bidding process for university projects often need bid bonds.
02
The bid bond provides assurance to the university that the contractor has the financial capacity to undertake the project and will fulfill their contractual obligations.
03
It acts as a form of security for the university, ensuring that if the selected contractor fails to meet their obligations, the bond amount can be used to cover any resulting financial losses.

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A bid bond is a type of surety bond that guarantees a bidder will enter into a contract if awarded, typically used in construction and procurement processes at universities.
Bidders participating in university projects that require a bid bond are typically required to file this document.
To fill out a bid bond, bidders need to complete the bond form with their details, including the project information, the amount of the bond, and signatures from the principle and surety company.
The purpose of a bid bond is to protect the university from financial loss in case the winning bidder fails to sign a contract or fulfill their obligations.
The bid bond must include the bidder's name, project details, bond amount, the surety company information, and signatures from authorized representatives.
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