Sample Format of Bid Bond

A Bid Bond is a type of surety bond that construction companies or contractors provide to guarantee that if they are awarded a contract, they will perform the work according to the contract's specifications and submit a performance bond. Here is a sample format of a bid bond:

1. Headline: BID BOND

2. Issuing Bank's Name and Address:

3. Bid Bond Number:

4. Date of Issuance:

5. Obligor's Name and Address (Beneficiary):

6. Principal's Name and Address:

7. Contract or Project Description:

8. Principal's Obligation:

9. Bid Amount:

10. Performance Bond:

11. Expiration Date of Bid Bond:

12. Governing Law:

13. Contact Information:

14. Seal of the Issuing Bank:

I, [Principal's Name], as a Principal, and [Issuing Bank's Name], as the Issuer, hereby acknowledge and agree that:

A. The Principal has submitted a bid on [Date] for the project described in section 7 above.

B. If the Principal is awarded the contract, the Principal shall execute a performance bond in favor of the Obligor within [Number of Days] days from the date of award.

C. The Bid Amount provided in section 9 above is the amount of the Principal's bid.

The obligations of the Principal and the rights and remedies of the Issuer and the Obligor are set forth in the bid bond and governed by the laws of [Governing Law]. This bid bond shall expire on [Expiration Date of Bid Bond].

IN WITNESS WHEREOF, the Principal and the Issuer have executed this bid bond as of the date first above written.

[Principal's Name]

Principal

[Issuing Bank's Name]

Issuer

For inquiries, please contact:

[Contact Person's Name]

[Contact Person's Position]

[Contact Person's Email]

[Contact Person's Phone Number]

This sample format should be used as a reference only. It is recommended to consult with legal professionals or authorities in your jurisdiction to ensure compliance with local laws and regulations.