Form SF-24 Bid Bond
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What Is Form SF-24?
This is a legal form that was released by the U.S. General Services Administration on August 1, 2016 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.
Q: What is the Form SF-24?
A: The Form SF-24 is a Bid Bond form.
Q: What is a Bid Bond?
A: A Bid Bond is a type of guarantee provided by a contractor when submitting a bid for a construction project.
Q: Why is a Bid Bond required?
A: A Bid Bond is required to ensure that the contractor honored the bid if they are selected as the winning bidder.
Q: Who issues a Bid Bond?
A: A Bid Bond is typically issued by an insurance company or a bank.
Q: What information is required on the Form SF-24?
A: The Form SF-24 requires information about the bidder, the project, the bid amount, and the duration of the bid validity.
- Released on August 1, 2016;
- The latest available edition released by the U.S. General Services Administration;
- Easy to use and ready to print;
- Yours to fill out and keep for your records;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form SF-24 by clicking the link below or browse more documents and templates provided by the U.S. General Services Administration.
Bid Bond Instructions
Provide the following information in the SF-24 Form:
- State the bond execution date - it cannot be later than the opening date;
- Indicate the names and business addresses of the principal and sureties. Insurance companies typically fulfill the obligation of the sureties while guaranteeing the performance of the bidder;
- Select the type of contracting organization - individual, partnership, joint venture, corporation, or other - and write down the state where the principal was registered;
- Describe the bid - add its opening date, invitation number, and a short description. Record the penal sum of the bond, percent of the bid price, and the limit of the bid guarantee amount;
- Confirm you agree with the bond obligation and sign the form. This document requires the signatures, names, and titles of all parties - the principal, individual sureties, and corporate sureties. Do not forget to affix corporate seals once the Bid Bond is completed.
Download Form SF-24 Bid Bond