Get the free Bid Bond (penal Sum Form)

Name: Fillable Online Bid Bond for Pea Ridge Public Service District Fax Email Print - pdfFiller
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This document is a Bid Bond form that ensures the financial commitment of the bidder and surety for a construction contract with the Pea Ridge Public Service District. It outlines the terms of obligation of payment upon default, conditions under which the bond becomes void, and procedures for bids related to the Contract #4 – Route 2 South Sanitary Sewer Extension project.

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How to fill out bid bond penal sum

01

Identify the total value of the contract for which the bid bond is being submitted.

02

Determine the percentage required for the penal sum, typically ranging from 5% to 10% of the contract value.

03

Calculate the penal sum by multiplying the contract value by the determined percentage.

04

Ensure that the calculated amount meets the requirements specified in the bidding documents.

05

Document the penal sum clearly on the bid bond form.

Who needs bid bond penal sum?

01

Contractors bidding for public or private projects.

02

Businesses participating in procurement processes that require a bid bond.

03

Individuals or entities involved in construction contracts.

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What is bid bond penal sum?

The bid bond penal sum is the maximum amount that a bidder agrees to forfeit if they fail to enter into a contract after winning the bid.

Who is required to file bid bond penal sum?

Typically, contractors or businesses submitting bids for public or private projects 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 bond form, including the penal sum amount, project details, and signature of the surety company that guarantees the bond.

What is the purpose of bid bond penal sum?

The purpose of a bid bond penal sum is to provide financial assurance that the bidder will honor their proposal and enter into a contract if selected.

What information must be reported on bid bond penal sum?

The information that must be reported includes the bidder's name, the amount of the bond, the project name, and any relevant surety company details.

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