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    Of The Country of Philippines, Neil David Madelo As Oblige, The Sum of

    Uploaded by

    Kimberly Shawn Nicole Santos
    This document is a bid security surety bond for a proposed three-storey residential building. It binds the principal, Apryll Joy F. Bandales, and surety, GSIS of the Philippines, to pay Neil David Madelo as oblige. The bond ensures the principal will not withdraw their bid, reject corrections to pricing errors, or fail to sign the contract or provide performance security if their bid is accepted. The surety's liability is limited to the bond amount and expires 120 days after the bid submission deadline.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Of The Country of Philippines, Neil David Madelo As Oblige, The Sum of

    Uploaded by

    Kimberly Shawn Nicole Santos
    73 views2 pages
    This document is a bid security surety bond for a proposed three-storey residential building. It binds the principal, Apryll Joy F. Bandales, and surety, GSIS of the Philippines, to pay Neil David Madelo as oblige. The bond ensures the principal will not withdraw their bid, reject corrections to pricing errors, or fail to sign the contract or provide performance security if their bid is accepted. The surety's liability is limited to the bond amount and expires 120 days after the bid submission deadline.

    Original Description:

    Sample of Bid Document

    Original Title

    BID SECURITY SURETY BOND.docx

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    This document is a bid security surety bond for a proposed three-storey residential building. It binds the principal, Apryll Joy F. Bandales, and surety, GSIS of the Philippines, to pay Neil David Madelo as oblige. The bond ensures the principal will not withdraw their bid, reject corrections to pricing errors, or fail to sign the contract or provide performance security if their bid is accepted. The surety's liability is limited to the bond amount and expires 120 days after the bid submission deadline.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    73 views2 pages

    Of The Country of Philippines, Neil David Madelo As Oblige, The Sum of

    Uploaded by

    Kimberly Shawn Nicole Santos
    This document is a bid security surety bond for a proposed three-storey residential building. It binds the principal, Apryll Joy F. Bandales, and surety, GSIS of the Philippines, to pay Neil David Madelo as oblige. The bond ensures the principal will not withdraw their bid, reject corrections to pricing errors, or fail to sign the contract or provide performance security if their bid is accepted. The surety's liability is limited to the bond amount and expires 120 days after the bid submission deadline.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    BID SECURITY: SURETY BOND

    BOND NO. 45678001 DATE BOND EXECUTED: November


    28,2019

    By this bond, We Apryll Joy F. Bandales as Principal and GSIS of the country of Philippines,
    authorized to transact business in the country of Philippines, are held and firmly bound unto
    Neil David Madelo as Oblige, the sum of _______________________________________,
    Philippine currency callable on demand by the Entity for the payment of which sum, well and
    truly to be made, we, the said Principal and Surety bind ourselves, our successors and assigns
    jointly and severally, firmly by these presents.

    SEALED with our seal and dated this 28 day of November, 2019

    WHEREAS, the Principal will submit a written Bid to the Entity on the 28 day of November
    2019 for the Proposed Three-Storey Residential Building.

    NOW, THEREFORE, the conditions of this obligation are that:

    1. if the Principal withdraws his Bid during the period of bid validity specified in the
    Form of Bid; or

    2. if the Principal does not accept the correction of arithmetical errors of his bid price in
    accordance with the Instruction’s to Bidders; or

    3. if the Principal having been notified of the acceptance of his Bid and award of contract
    to him by the Entity during the period of bid validity;

    a. fails or refuses to execute the Form of Contract in accordance with the


    Instructions to Bidders, if required; or

    b. fails or refuses to furnish the Performance Security in accordance with the


    Instructions to Bidders;

    then the Entity shall call on the bond upon a written demand to the Surety, and the Surety shall
    pay the Entity up to the entered amount of the Bond, upon receipt by the Surety of a written
    demand from the Entity, without the Entity having to substantiate its demand, provided that, in
    the demand, the Entity will note that the sum claimed by its due to the occurrence of any or
    combination of the three conditions stated above.

    _____________________________
    The bidder should insert the amount of bond in words and figures, denominated in the currency of the Entity’s country of an equivalent amount in a freely
    convertible currency and callable on demand. This figure should be the same as shown in the Instruction to Bidder.

    In this case, this obligation shall remain in full force and effect; otherwise it shall be null and
    void.

    PROVIDED HOWEVER, that the Surety shall not be:

    1. liable for a greater sum than the specified penalty of this bond, nor

    2. liable for a greater sum that the difference between the amount of the said Principal’s
    Bid and the amount of the Bid is accepted by the Entity.

    This Surety executing this instrument hereby agrees that its obligation shall be valid for 120
    calendar days after the deadline of submission of the Bids as such deadline is stated in the
    Instruction to Bidders or as it may be extended by the Entity, notice of which extension(s) to
    the Surety is hereby waived.

    PRINCIPAL: Apryll Joy F. Bandales


    SURETY : GSIS

    SIGNATURE(S) __________________________
    SIGNATURE(S) _________________

    NAMES AND TITLE: Apryll Joy F. Bandales / Proposed Three-Storey Residential


    Building

    SEAL : 5678012
    SEAL : 0098711

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