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This document serves as a binding agreement between the Principal and Surety to guarantee the payment to the State of Wisconsin for a bid proposal submitted to the Department of Transportation. It
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How to fill out proposal bid bond template

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How to fill out proposal bid bond

01
Obtain a blank bid bond form from the bonding company or online resources.
02
Fill out the name of the principal (the contractor or bidder) in the designated field.
03
Enter the name of the obligee (the entity that requires the bond) accurately.
04
Specify the project name and number for which the bid is being submitted.
05
Indicate the bid amount that is being proposed.
06
Include the required percentage of the bid amount for the bond (usually between 5% to 10%).
07
Provide the bonding company's information, including the name, address, and license number.
08
Date the bond appropriately.
09
Have an authorized representative from the bonding company sign the bond.
10
Submit the completed bid bond along with your proposal.

Who needs proposal bid bond?

01
Contractors participating in bidding for construction projects.
02
Companies submitting proposals for government contracts.
03
Bid creators who want to assure performance and commitment.
04
Businesses seeking to enhance their credibility in competitive bidding environments.

What is Proposal Bid Bond Form?

The Proposal Bid Bond is a document that has to be filled-out and signed for specific purposes. Next, it is provided to the exact addressee to provide certain info of certain kinds. The completion and signing may be done or with an appropriate tool like PDFfiller. Such tools help to complete any PDF or Word file online. It also allows you to customize it depending on the needs you have and put a legal digital signature. Once finished, you send the Proposal Bid Bond to the respective recipient or several ones by mail or fax. PDFfiller is known for a feature and options that make your Word template printable. It has various settings when printing out. No matter, how you will distribute a document - in hard copy or electronically - it will always look well-designed and firm. In order not to create a new editable template from scratch all the time, make the original document as a template. After that, you will have a rewritable sample.

Proposal Bid Bond template instructions

When you are ready to begin submitting the Proposal Bid Bond word template, you have to make certain that all the required info is prepared. This one is important, as far as errors may result in unpleasant consequences. It is annoying and time-consuming to re-submit forcedly entire word template, not even mentioning penalties resulted from missed due dates. To cope the figures takes more concentration. At first sight, there is nothing complicated about this task. But yet, there's nothing to make a typo. Professionals suggest to record all required info and get it separately in a document. When you have a writable template, it will be easy to export that data from the document. In any case, it's up to you how far can you go to provide actual and legit info. Check the information in your Proposal Bid Bond form carefully while filling all necessary fields. In case of any mistake, it can be promptly corrected via PDFfiller editor, so that all deadlines are met.

Frequently asked questions about Proposal Bid Bond template

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A proposal bid bond is a type of surety bond that a contractor submits along with their bid for a project, ensuring that they will enter into a contract and fulfill the terms if selected.
Typically, contractors or bidders on projects that require a bid security are required to file a proposal bid bond as part of their bid submission.
To fill out a proposal bid bond, bidders must complete the bond form with details such as the project title, contract amount, bidder's name, and surety company information, and sign where required.
The purpose of a proposal bid bond is to protect the project owner by ensuring that the bidder will honor their bid and enter into the contract if selected, thereby minimizing the risk of default.
Information that must be reported on a proposal bid bond typically includes the name and address of the principal, the amount of the bid, the name of the project, and details of the surety company providing the bond.
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