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The Proposal Bond is a form intended to be used by a qualified surety to issue a bond that a Proposer seeking to be awarded the CMAR Contract will submit with its Proposal. The Proposal Bond provides assurance that the Proposer will enter into the CMAR Contract with Owner if Owner awards the contract to Proposer. If Proposer is the apparent successful Proposer but refuses to accept the award of the CMAR Contract and does not duly enter into the contract and provide the required performance and payment bonds, then under this Proposal Bond the Proposer, or its surety, forfeits the penal sum of the bond.