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BID BOND FORM
KNOW ALL MEN BY THESE PRESENTS THAT WE ARE THE UNDERSIGNED,
as PRINCIPAL
(Name of Principal)
and as SURETY
(Name of Surety)
are held and firmly bound into the Newport News Redevelopment and Housing Authority,
hereinafter called the “Authority” in the penal sum of dollars lawful
money of the United States for payment of which sum well and truly be made, we bind
ourselves, our heirs, executors, administrators, successions and assigns, jointly and severally,
firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the Principal has submitted
the accompany bid, dated 20 for
NOW, THEREFORE, if the Principal shall not withdraw its bid within the period specified and
in the manner specified in the bid documents and if the Principal shall enter into a written
Contract within ten (10) days after the prescribed forms are presented to it for signature, and give
bond with good and sufficient surety or sureties as may be required by the faithful performance
and proper fulfillment of such Contract, then the above obligation shall be void and of no effect.
However, in the event that the Principal fails to withdraw the bid in accordance with the bid
documents and the applicable law, or if the Principal fails to enter into the Contract and file the
required bonds within the specified time, Principal shall pay to the lesser of the difference
between the Principal’s bid and the next low bid or the face amount of this bond bid. If Principal
fails to make the aforementioned payments in a timely fashion, then this bond shall remain in full
force and virtue. This bid bond shall be in effect for at least ninety (90) days from the date that
the bids are opened.
IN WITNESS WHEREOF, for the above bound parties have executed this instrument under their
several seals this day of » 20 the name and
corporate seal of each corporate party being hereto affixed, signed and sealed, pursuant to the
authority of the governing bodies of the Principal and the Surety.
Page I of 2
Marshall Courts Phase VI Demolition
IFB4MCP7D-09-24
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