Get the free BID BOND PENAL SUM FORM

BID BOND Any singular reference to Bidder, Surety, Owner, or other party shall be considered plural where applicable. BIDDER (Name and Address): SURETY (Name and Address of Principal Place of Business):

How to fill out bid bond penal sum

How to fill out bid bond penal sum

1. Determine the required penal sum for the bid bond. This is usually stated in the bidding documents or contract.
2. Make sure you have the necessary financial resources to cover the penal sum, as it serves as a guarantee to the obligee that you will perform the contract if you are awarded the bid.
3. Obtain a bid bond form from a surety company or a bonding agent.
4. Fill out the bid bond form accurately, providing all the required information.
5. Include the penal sum amount in the bid bond form.
6. Sign the bid bond form, either as an individual or on behalf of your company.
7. Submit the completed bid bond form to the obligee before the bid deadline.
8. Keep a copy of the bid bond form for your records.

Who needs bid bond penal sum?

1. Bid bond penal sum is typically required by entities that issue construction contracts, such as government agencies, private owners, or general contractors.
2. It is needed to protect the obligee from financial losses in case the bidder fails to fulfill their obligations or defaults on the contract.
3. The bid bond penal sum ensures that the bidder has the financial capability to perform the contract and acts as a form of guarantee for the obligee.

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What is bid bond penal sum?

The bid bond penal sum is the maximum amount that a surety will pay to the project owner if the contractor fails to fulfill their obligations under the bid.

Who is required to file bid bond penal sum?

Typically, contractors or bidders who are participating in a public or private bidding process are required to file a bid bond penal sum.

How to fill out bid bond penal sum?

To fill out a bid bond penal sum, the bidder must complete the bid bond form provided by the surety, indicating the penal sum amount, contractor's details, project information, and sign the document.

What is the purpose of bid bond penal sum?

The purpose of the bid bond penal sum is to provide a financial guarantee that the bidder will enter into a contract and execute the work, protecting the project owner from potential losses.

What information must be reported on bid bond penal sum?

The information that must be reported includes the name of the principal (bidder), surety company, penal sum amount, project name, and signatures of the parties involved.