Bid Bond #:
KNOW ALL MEN BY THESE PRESENT, that we
as Principal, hereinafter called the Principal, and
a corporation duly organized under the laws of the State of
called the Obligee, in the sum of
Signed and sealed this
(Witness)
(Principal)
(Title)
(Surety)
(Title)
day of 20
WHEREAS, the Principal has submitted a bid/quotation, dated
Dollars $
for
City of Galva
311 N. W. 4th Avenue
Galva, IL 61434
Phone: (309) 932-2555
Fax: (309) 932-3306
www.galvail.gov
City of Galva
Bid Bond
(Here insert full name and address or legal title of Contractor)
(Here insert full name and address or legal title of Surety)
(Here insert full name, address and description of project)
(Witness)
as Surety, hereinafter called the Surety, are held and are firmly bound unto the City of Galva, hereinafter
for the payment of which sum well and truly to be made, the said Principal and the said Surety bind ourselves,
our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these present.
NOW, THEREFORE, if the Obligee shall accept the bid/quotation of the Principal and the Principal shall enter into a Contract with the
Obligee in accordance with the terms of such bid or quotation, and give such bond or bonds as may be specified in the bidding
documents, contract documents or requests for bids or quotations with good and sufficient surety for the faithful performance of an
awarded contract and for the prompt payment of labor and material furnished in the prosecution thereof, or in the event of the
failure of the Principal to enter such Contract and give such bond or bonds, if the Principal shall pay to the Obligee the difference not
to exceed the penalty hereof between the amount specified in said bid or quotation and such larger amount for which the Obligee
may in good faith contract with another party to perform the Work covered by said bid or quotation, then this obligation shall be null
and void, otherwise to remain in full force and effect.
In the event suit is brought upon this Bond by Obligee and judgement is recovered, the Surety shall pay all costs incurred by the
Obligee in such suits to be and as fixed by the court.
Acknowledgement by Notary Public required for Surety
