Bid Bond - State Of Ohio Department Of Transportation (Page 2 of 2) in pdf

Bid Bond - State Of Ohio Department Of Transportation Page 2

NOTE.

Attach corporate seal of principal if corporation.

Attach corporate seal of surety company signing.

(1) If a corporation, insert “A corporation organized under the laws of the State of ______________________________________

_____________________________________ with its principal place of business at _____________________________________________

_________________________________ in Ohio.”

(2) if a surety company, insert “A corporation organized under the laws of the State of ___________________________________

_______________________________________ and duly authorized to transact business within the State of Ohio.”

If the above bond is executed by private individuals as sureties, the affidavits in justification of sureties must be filled out in detail; or in

lieu of said affidavits, a certificate of the County Auditor of the County in which said sureties, or one of them, reside, or have property, may be furnished

to the effect that in his judgement such sureties possess the qualifications required by Section 1341.01 of the Ohio Revised Code which reads as

follows:

“Sureties must be residents of this State, and worth, in the aggregate,

double the sum to be secured, beyond the amount of their debts, and have property

liable to execution in this State equal to the sum to be secured.”

If signed by a surety company, said bond must be accompanied by (1) a certificate of the superintendent of insurance, that such surety

company is authorized to transact business in this State; and (2) the power of attorney of the agent of such company showing this authority to execute

said bond in its behalf, which power of attorney must be dated not more than ninety days previous to the signing of the contract; and (3) a recent

financial statement of the surety company. In the event the bond exceeds 10% of the capital and surplus of the surety company signing the bond, the

excess amount must be reinsured in some other surety company licensed to do business in Ohio and a certificate showing such reinsurance must

accompany said bond.

(2)