Form SFN14196 Bid Bond - Single Project - North Dakota

What Is Form SFN14196?

This is a legal form that was released by the North Dakota Department of Transportation - a government authority operating within North Dakota. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is form SFN14196?A: Form SFN14196 is the Bid Bond - Single Project form used in North Dakota.

Q: What is a bid bond?A: A bid bond is a type of surety bond that guarantees the bidder will enter into a contract and provide the required performance and payment bonds if awarded the project.

Q: What is the purpose of the bid bond?A: The purpose of the bid bond is to provide financial security and ensure that the selected bidder will follow through with the project contract.

Q: When is a bid bond required?A: A bid bond is typically required in the bidding process for construction and other public projects to protect the project owner from financial loss if the selected bidder fails to fulfill their obligations.

Q: Is the form SFN14196 specific to North Dakota?A: Yes, the form SFN14196 is specific to North Dakota and may not be used in other states or jurisdictions.

Q: Are there any specific requirements for completing the form?A: Yes, the form SFN14196 will have specific requirements outlined in the instructions accompanying the form. It is important to carefully review and follow these instructions when completing the form.

Q: Can I use a different bid bond form for projects in North Dakota?A: No, for projects in North Dakota, you must use the form SFN14196 as specified by the State Procurement Office.

Q: Is a bid bond refundable?A: No, a bid bond is not refundable. If the bidder is awarded the project, the bid bond is typically released once the required performance and payment bonds are provided. If the bidder is not selected, the bid bond may be returned, but this can vary depending on the specific project requirements.

Q: Can I submit a bid without a bid bond?A: In most cases, submitting a bid without a bid bond will result in disqualification. It is important to carefully review the bidding instructions for each project to determine the specific requirements.

Q: What happens if the selected bidder fails to fulfill the project contract?A: If the selected bidder fails to fulfill the project contract, the bid bond may be forfeited, and the project owner may pursue legal remedies to recover their losses.

Q: Can bid bonds be obtained from any insurance company?A: Bid bonds can be obtained from authorized surety bond companies that are approved by the State Procurement Office.

Q: Can I use a bid bond from a previous project for a new bid?A: No, bid bonds are typically project-specific and cannot be used for multiple projects. A new bid bond must be obtained for each separate project.

Q: Can bid bonds be issued electronically?A: Yes, many surety bond companies offer electronic issuance of bid bonds, which can streamline the bidding process and save time.

Q: What is the cost of a bid bond?A: The cost of a bid bond will vary depending on factors such as the bid amount, project type, and the financial strength of the bidder. It is best to contact a surety bond company for a quote.