Letter of Bid Bond
Date: [Insert Date]
To: [Name of Recipient]
[Company Name]
[Address]
[City, State/Province, Postal Code]
Subject: Bid Bond Guarantee
Dear Sir/Madam,
We [Company Name], hereby present our Bid Bond for [Project Name] in accordance with the terms and conditions provided by [Bidding organization]. We hereby confirm that we are financially capable and committed to participating in the bidding process for the aforementioned project.
In accordance with the bidding requirements set by [Bidding Organization], we submit this Bid Bond in the amount of [Bid Amount in Currency], which represents [Percentage] percent of the total bid value. This guarantee is issued to assure [Recipient] that if our bid is accepted, we will enter into a contract and provide the necessary performance bond within the specified time frame.
This Bid Bond is valid until the expiration date specified in the bid documents or until the contract has been awarded, whichever comes first. Our financial institution, [Bank Name], agrees to honor any claims made under this Bid Bond promptly and without delay up to the full value of the bond.
Should we fail to fulfill our obligations as stated in the bid, including but not limited to withdrawing our bid before its expiration, refusing to enter into a contract upon being awarded the project, or failing to provide the required performance bond, [Recipient] shall be entitled to claim the full amount of the bid bond without prejudice to any other legal rights and remedies available.
We further affirm that all the information provided in this Bid Bond is accurate, true, and complete to the best of our knowledge. In case of any changes or modifications in the bid details, we undertake to promptly inform [Recipient] in writing.
Please find attached the necessary documents verifying our financial capacity, including bank statements, audited financial reports, and any other supporting evidence as required for evaluation purposes. We remain at your disposal should you require further information or clarification regarding this Bid Bond.
We appreciate your consideration of our bid and look forward to the opportunity to collaborate on [Project Name]. Should our bid be successful, we assure you of our utmost professionalism, dedication, and commitment to delivering a high-quality result in accordance with the specifications and terms outlined in the bidding documents.
Thank you for your attention, and we remain,
Yours sincerely,
[Name]
[Position/Title]
[Company Name]
[Contact Information]
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