KNOW ALL MEN BY THESE PRESENTS:

That we, _____________________, duly organized and existing under the laws of the Republic of the Philippines, with office address at ______________________ , as the Bidder, hereinafter called the PRINCIPAL and _______________________, duly organized and existing under the laws of the Republic of the Philippines, with office address at __________________________________, hereinafter called the SURETY are held firmly bound unto the <<LGU Name>> hereinafter called the OBLIGEE, in the sum of PESOS ____________________ (P ______), Philippine Currency, callable on demand for the payment of which sum, well and truly to be made, we bid ourselves, our successor and assigns, jointly and severally and firmly by these presents.

WHEREAS, the condition of the aforementioned OBLIGEE require the BIDDER to submit a bond for the bid for the above project;

WHEREAS, the PRINCIPAL agree to comply with all the terms and conditions of the said bid with the aforementioned OBLIGEE;

NOW AND THEREFORE, the conditions of this obligation are such that if the above bonded PRINCIPAL shall, in case he becomes the successful Bidder in the said bid mentioned above, accept a contract with the said OBLIGEE under the terms and conditions of said bid, then this obligation shall be null and void; otherwise it shall remain in full force and effect for a period of one hundred twenty (120) calendar days following the opening of bids.