12-00610 Performance Bond.pdf
PDF 16 KB Posted
- Solicitation number
- IFB 3617-9
- Issued by
- Maricopa County, Arizona
About this file
This is a sample statutory performance bond document for a construction contract in Arizona, prepared pursuant to A.R.S. 41-2574, related to Mesa Community College's New Vet Tech Lab Building project. The performance bond serves as a guarantee that the Principal (contractor) will faithfully perform all undertakings, covenants, terms, conditions, and agreements of the underlying construction contract during its original term and any extensions, as well as during the life of any required guaranty period. The bond penalty must equal 100 percent of the total contract amount. The document requires execution by both the Principal and a surety corporation organized under state law, with signatures, seals, bond numbers, and agency information to be completed prior to contract commencement.
The performance bond establishes joint and several liability between the Principal and Surety to the Obligee (the Owner/Mesa Community College) for faithful contract performance. Per Arizona statutory requirements, all liabilities are determined in accordance with A.R.S. 41-2574, and the prevailing party in any legal action on the bond is entitled to recover reasonable attorneys' fees as fixed by a judge of the court. The bond remains in full force and effect unless the Principal completely fulfills all contract obligations, including any duly authorized modifications, with notice to the Surety being waived. This sample bond document provides the standard template required for the construction of the new veterinary technology and sustainable horticulture building and associated site improvements at Mesa Community College.
View the file
Other files
Show all 26
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
PERFORMANCE BOND 00610-1
SECTION 00610 - PERFORMANCE BOND
(Sample)
STATUTORY PERFORMANCE BOND PURSUANT A.R.S. 41-2574
(Penalty of this bond must be 100% of the Contract Amount.)
KNOWN ALL MEN BY THESE PRESENTS:
That, (hereinafter called Principal), as Principal, and , a corporation organized and existing under the laws of the State of , with its principal office in the City of (hereinafter called the Surety), as Surety, are held and firmly bound unto (hereinafter called the Obligee) in the amount of Dollars ( ), for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors, and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has entered into a certain written contract with the Obligee, dated the day of , 20 , to which contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that is said Principal shall faithfully perform and fulfill all the undertakings, covenants, terms, conditions, and agreements of said contract during the original term of said contract and any extension thereof, with or without notice of the Surety, and during the life of any guaranty required under the contract, and shall also perform and fulfill all the undertakings, covenants, terms, conditions, and agreements of any and all duly authorized modifications of said contract that may hereby be made notice, of which modifications to the Surety being hereby waived; than the above obligation shall be void, otherwise to remain in full force and effect.
PROVIDE, HOWEVER, that this bond is executed pursuant to the provisions of A.R.S. 41-2574, and all liabilities on this bond shall be determined in accordance with the provisions of said Title, Chapter, and Article, to the extent as if it were copied at length herein.
The prevailing party in suit on this bond shall recover as a part of his judgement such reasonable attorneys' fees as may be fixed by a judge of the Court. Witness our hands this _____________________ day of _______________________________, 20________.
Principal Seal
By:
Surety: Seal
Bond No. By:
Agency of Record
Agency Address
END OF SECTION 00610
File details come from the government source that posted it. Updated .