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  • Bid Bond Form - District Of Columbia Public Library

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GOVERNMENT OF THE DISTRICT OF COLUMBIA PROPOSAL BOND (See Instructions on 2nd page) PRINCIPAL (Legal Name and Address) SURETY(IES) (Name(s) and Address(es)) Date Bond Executed: (Must Not be Later.

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How to fill out the Bid Bond Form - District Of Columbia Public Library online

The Bid Bond Form is an essential document for those participating in bidding processes for projects with the District of Columbia Public Library. This guide provides clear, step-by-step instructions on how to complete the form online, ensuring you meet all necessary requirements.

Follow the steps to successfully complete the Bid Bond Form.

  1. Click ‘Get Form’ button to obtain the form and open it in your preferred editing tool.
  2. Fill in the principal's legal name and address in the designated fields. Ensure that this information matches any corporate documentation to maintain consistency.
  3. List the surety's name(s) and address(es) in the appropriate sections below the principal's details. If there are multiple sureties, ensure each one is detailed.
  4. Enter the bond execution date, which must not be later than the bid opening date. This is a critical field as it validates the bond.
  5. Select the type of organization by marking the appropriate box: individual, partnership, joint venture, or corporation.
  6. Provide the state of incorporation if applicable.
  7. Complete the penal sum of the bond section, denoting amounts in millions, thousands, and hundreds, exactly as required.
  8. Specify the bid identification and bid opening date, along with the invitation number for precise record-keeping.
  9. Read and understand the obligations indicated in the document. Ensure you and any sureties comprehend the terms before signing.
  10. Sign the bond in the designated areas, ensuring both the principal and sureties are included. Corporate seals and signatures should be affixed where required.
  11. Once all fields are completed, you can save your changes, download the completed document, print it, or share it as needed.

Complete your bid bond form online today to ensure a seamless bidding process.

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A bid bond is a legal agreement that ensures contractors fulfill their stated obligations on a project. This form of assurance provides both financial and legal recourse to the owner of the project. Bid bonds are usually submitted in conjunction with the project's contract.

The bid security is essentially saying that if the contractor is low and awarded the project, they will enter into the contract at the price represented in the bid. Bid security ensure they will provide Payment & Performance bonds that guarantee the contract.

While a bid bond ensures the contract bid upon will be honored, a performance bond will ensure that the work will be completed. In a performance bond, the surety will pay for the cost of replacing the contractor that cannot complete the project.

STANDARD FORM 24 (REV. OBLIGATION: We, the Principal and Surety(ies) are firmly bound to the United States of America (hereinafter called the Government) in the above penal sum. For payment of the penal sum, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally.

Bid security can be thought of as a kind of risk mitigation tool specifically for use in the construction industry. The bid bond is a form of bid security for the owner of the project.

For example, for a $500,000 bid, the contractor will have to secure a bid bond for $50,000. That $50,000 serves as a guarantee that the contractor will complete the project for the $500,000 bid value. Should the GC win the bid but not take the project, the owner can file a claim against the $50,000 bond.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232