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[Name], hereinafter referred to as Bidder, of [Address], and [Name] of [Address], hereinafter referred to as Surety, of [Describe], are bound to [Name], of [Company], referred to as Obligee, in the sum of $------, referred to as the penal sum and for the payment of this sum we bind ourselves and our legal successors.
If Obligee accepts the bid of Bidder, and Bidder enters into a contract with Obligee in accordance with the invitation to bid, and further, give such performance bonds as may be required, then this obligation shall be void, otherwise the same shall remain in full force and effect. Provided, however, that upon the failure of the Bidder to enter into the contract as described above, the Bidder shall pay either the difference between the bid submitted by Bidder and any larger amount which Obligee may in good faith contract to perform the work, or the penal sum, whichever is lesser.