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BID SECURITY FORM Pursuant to PCC Section 20651(b) BID BONDING ALL MEN BY THESE PRESENTS that we, the undersigned, ___ (hereafter called Principal), and ___ (hereafter called Surety), are hereby held
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How to fill out the bid security and
How to fill out the bid security and
01
Obtain the required bid security form from the organization requesting the bid.
02
Fill in the required information such as your company name, address, contact details, and bid amount.
03
Choose the type of bid security required (such as bid bond, certified check, or letter of credit).
04
Sign and date the bid security form as required by the organization.
05
Submit the completed bid security form along with any required supporting documents to the organization before the bid deadline.
Who needs the bid security and?
01
Bid security is typically required by organizations or government agencies that are inviting bids for projects or contracts.
02
It ensures that the bidder is serious about their bid and has the financial means to fulfill the contract if they are awarded the project.
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What is the bid security?
Bid security is a guarantee provided by a bidder to a project owner to ensure that the bidder will fulfill the requirements of the contract if they are awarded the project.
Who is required to file the bid security?
All bidders participating in a competitive bidding process are required to file bid security.
How to fill out the bid security?
The bid security can be filled out by providing a certified check, a bid bond from a surety company, or other forms of security specified in the bidding documents.
What is the purpose of the bid security?
The purpose of the bid security is to protect the project owner from financial loss in case the winning bidder fails to honor the bid or withdraws their bid.
What information must be reported on the bid security?
The bid security must include the bidder's name, the project name, the bid amount, and the expiration date of the security.
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