Bid Bond Form - Montana Department Of Transportation printable pdf download

S:\CP_STD:410

9-9-99

BID BOND

KNOW ALL MEN BY THESE PRESENTS, that

, as Principal, and

(Name of Contractor)

, as Surety,

(Name of Surety)

a corporation duly organized under the laws of the State of

, licensed to do business in

the State of Montana, are held and bound unto the Montana Department of Transportation, as the Obligee, in the sum of

ten percent (10%) of the amount bid, for payment of which the Principal and Surety, bind themselves, jointly and severally.

Surety and Principal understand and agree that this Bond has been requested, and is given, as bid security under the

provisions of §18-1-201 et seq and §18-2-302, MCA. This Bond is submitted as a condition precedent for Obligee's

consideration of Principal's bid, as evidence of the Principal's good faith (e.g., complying with Obligee’s bid procedures,

such as providing bid documentation), and to fully indemnify the Obligee for Obligee's benefit against any possible failure

or refusal by the Principal to enter into any written contract that may be awarded to it by the Obligee following the

Obligee's acceptance of the Principal's bid.

The Principal expressly covenants that it will not withdraw the bid herewith submitted, will comply with the "AWARD OF

CONTRACT" provision contained in Principal's PROPOSAL, and, if it is awarded the contract, will, within the time stated

in the "AWARD OF CONTRACT" provision, enter into a formal contract and give a good and sufficient bond to secure the

performance of the terms and conditions of the contract.

Signed this _______ day of ___________________, Year: ____, for Project Number _______________________

THE CONDITIONS OF THIS OBLIGATION ARE: that if Obligee accepts the bid of Principal and Principal enters

into a contract with Obligee for the project and gives bond with good and sufficient surety for the faithful performance of

such contract: or in the event of the failure of Principal to demonstrate its good faith or to enter into the contract and give

the bond, if Principal pays to Obligee the difference (not to exceed the penalty hereof) between this bid amount and the

amount for which Obligee legally contracts with another party to perform that work, if the latter amount be in excess of the

former, then this obligation shall be null and void, otherwise to remain in full force and effect.

_______________________________________

Name of Principal

SEAL (if applicable)

** By:__________________________________

_______________________________________

Name of Surety Company

SEAL

** By:__________________________________

Title: __________________________________

THIS BOND MUST BE SIGNED BY A DULY AUTHORIZED REPRESENTATIVE OF THE SURETY AND THE

PRINCIPAL. UNSIGNED BONDS ARE NOT RESPONSIVE AND A BID WILL BE REJECTED IF THE BOND IS

NOT PROPERLY SIGNED.

NOTE: A copy of the agent's Power of Attorney for the Surety Company must be attached to this bond form.

Bid Bond Form - Montana Department Of Transportation