Affix
Corporate
Seal
Affix
Corporate
Seal
Revised: 5/2014 NJSDA
BB-1
BID BOND
Bond No.___________
WHEREAS,
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
as Principal, has submitted the accompanying bid to the NEW JERSEY SCHOOLS DEVELOPMENT
AUTHORITY (“NJSDA”), 32 East Front Street, Trenton, New Jersey 08625, in response to the NJSDA’s
advertisement for bids for
Contract #:
Contract Name:
Whereas, Principal is required to furnish this Bid Bond as a condition of the NJSDA’s acceptance of
Principal’s bid.
NOW, THEREFORE, Principal and _______________________________________________________,
a Corporation duly organized under the laws of the State of ______________________________, as
Surety, are held and firmly bound unto the NJSDA, in the sum of 10% of the accompanying bid, for the
payment of which sum well and truly to be made, the Principal and the Surety firmly bind themselves,
their heirs, executors, administrators, successors and assigns, jointly and severally.
THE CONDITION OF THIS OBLIGATION IS SUCH THAT if the Principal is awarded the Contract,
and the Principal, within the time required by the Contract Documents, enters into the Contract and
executes and delivers to the NJSDA such payment and performance bonds and other documents as are
required as conditions precedent by the Instructions to Bidders and other Contract Documents, then this
obligation shall be void; otherwise, the Principal and Surety shall pay to the NJSDA the difference in
money between the amount of the bid of the Principal and the amount for which the NJSDA legally
contracts with another party to perform the Work if the latter amount is in excess of the former, but in no
event will liability hereunder exceed the penal sum hereof.
No extensions of the time for receipt of the Principal’s bid or award of the Contract shall in any way
reduce, limit or otherwise affect the obligations of the Principal and Surety under this Bid Bond. The
Surety waives notice of any such extensions of time.
Principal:
_______________________________ By:
Witness Print Name:
_______________________________ Print Title:
Print or Type Name
Surety:
________________________________ By:
Witness Print Name:
________________________________ Print Title:
Print or Type Name
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