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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1993-08-23
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34 lines
BID BOND
___________________, referred to as BIDDER, of ______, ________,
and _____________________________, referred to as SURETY, of
______, ________, are bound to _____________, of ______, ________,
referred to as OBLIGEE, in the sum of $_______(_________________
&___/100 dollars), referred to as the penal sum for the payment of
this sum we bind ourselves and our legal successors.
If OBLIGEE accepts the bid of BIDDER, and BIDDER enters into a
contract with OBLIGEE in accordance with the invitation to bid,
and further, give such performance bonds as may be required, then
this obligation shall be void, otherwise the same shall remain in
full force and effect. Provided, however, that upon the failure
of the BIDDER to enter into the contract as described above, the
BIDDER shall pay either the difference between the bid submitted
by BIDDER and any larger amount which OBLIGEE may in good faith
contract to perform the work, or the penal sum, whichever is
lesser.
DATED: __________________
______________________________________________
BIDDER
______________________________________________
OBLIGEE