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Trinidad & Tobago Bid Bond Details

This document is a bid bond between a contractor, their surety, and an employer. It binds the contractor and surety to pay the employer a specified sum if the contractor withdraws their bid during the validity period or fails to execute the agreement or provide a performance bond if their bid is accepted. The surety's liability is limited to the difference between the contractor's bid and the accepted bid or the specified penalty, whichever is less. The bid bond is valid for 35 days after the bid validity period expires.

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Yolanda Leah Urbano
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790 views1 page

Trinidad & Tobago Bid Bond Details

This document is a bid bond between a contractor, their surety, and an employer. It binds the contractor and surety to pay the employer a specified sum if the contractor withdraws their bid during the validity period or fails to execute the agreement or provide a performance bond if their bid is accepted. The surety's liability is limited to the difference between the contractor's bid and the accepted bid or the specified penalty, whichever is less. The bid bond is valid for 35 days after the bid validity period expires.

Uploaded by

Yolanda Leah Urbano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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THE REPUBLIC OF TRINIDAD AND TOBAGO

BID BOND

BOND No.: DATE BOND EXECUTED:

By this Bond We whose registered office is at Lp#32 Beaucarro Road, St. Mary’s,
Carapichaima, Trinidad, West Indies (hereinafter called “the Contractor”) and Bankers Insurance
Company of Trinidad and Tobago Limited whose registered office is at #2 Mulchan Seuchan Road,
Chaguanas, Trinidad, West Indies (hereinafter called “the Surety”) are held and firmly bound unto the
…………………………………………………………(hereinafter called “the Employer”) in the sum of
……………………………… Trinidad and Tobago Dollars (TT$........................) for the payment of which sum,
the said Contractor and Surety bind ourselves, our successors, executors, administrators, and assigns
jointly and severally by these presents.

Sealed with our respective seals and dated this 31st day of October, 2016.

…………………………………………………………………………………………………… (hereinafter called the “Bid”).

NOW, THEREFORE, the Conditions of this obligation are:

1. If the Contractor withdraws his Bid during the period of Bid validity specified in the Form of
Tender; or

2. If the contractor, having been notified of the acceptance of his bid by the Employer during the
period of Bid Validity:

(a) fails or refuses to execute the Form or Agreement in accordance with the Instructions to
Bidders, if required; or

(b) fails or refuses to furnish the Performance Bond in accordance with the Instructions to
Bidders, then this obligation shall remain in full force and effect, otherwise it shall be null
and void.

PROVIDED HOWEVER, that the Surety shall not be:

(a) liable for a greater sum than the specified penalty of this bond;

nor

(b) Liable for a greater sum than the difference between the amount of the said Contractor’s bid
and the amount of the bid that is accepted by the Employer.

The surety executing this instrument hereby agrees that its obligation will remain in force up to and
including the date thirty five days (35) after the date of expiry of the Bid validity period as stated in the
Request for Proposals or extended by the Employer at any time prior to the date.

For and on behalf of the Surety For and on behalf of the Contractor

……………………………………………………….. ………………………………………………………..
Signed by Vance Gabriel Signed by Heron A. Lewis
In the capacity of Managing Director In the capacity of Managing Director

……………………………………………………….. ………………………………………………………..
And by Richard Gittens And by Cheryl Ann Lewis
In the capacity of Chief Financial Officer In the capacity of Secretary/Director

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