13-Payment and Performance Bonds.docx
DOCX document 76 KB Posted
- Solicitation number
- QUO27-10
- Issued by
- Los Alamos County, New Mexico
About this file
This document contains the Performance Bond and Payment (Labor and Materials) Bond templates required by the Incorporated County of Los Alamos, New Mexico for the Fire Panel Communication Upgrade (POTS to Cellular) and Maintenance Services contract. The Performance Bond obligates the contractor and surety jointly and severally to the County in the penal sum of 100% of the contract price, inclusive of applicable gross receipts taxes, to ensure the contractor performs and completes all undertakings, covenants, terms, and obligations of the contract during the original term and any extensions granted by the County. The Payment Bond, also issued simultaneously with the Performance Bond, protects all persons supplying labor and materials to the contractor or its subcontractors, and obligates the contractor and surety in the penal sum of 100% of the contract price to ensure all just claims for labor performed and materials and supplies furnished are paid as they become due.
Both bonds contain standard provisions that no change, extension of time, alteration, or addition to the contract terms or work shall affect the surety's obligation, and the surety waives notice of any such modifications. The right to sue on either bond accrues only to the Incorporated County of Los Alamos and parties granted rights under New Mexico Statutes Annotated 13-4-18 through 13-4-20 (Performance Bond) or Section 31-173 of the Los Alamos County Code of Ordinances (Payment Bond). Suits under the Performance Bond must be instituted before expiration of two years from the date final payment is due, except for express guarantees which require suits within six months following expiration of the guarantee term. The County expressly disclaims liability for payment of any costs or expenses of claimants under the Payment Bond and has no obligation to make payments or give notices on behalf of claimants.
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Text version
Performance Bond
Bond No. ______________
| We as Principal, hereinafter referred to as Contractor, and _______________________ a corporation organized and existing under and by the virtue of the laws of the State of ________________ and authorized to do business in the State of New Mexico, hereinafter called Surety, are held and firmly bound unto the Incorporated County of Los Alamos, hereinafter referred to as County, in the penal sum of one hundred percent (100%) of the Contract Price of __________________________________________dollars ($____________), as may be adjusted by Change Order, inclusive of applicable gross receipts taxes in lawful money of the United States of America, for the payment of which sum Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally. |
| THE CONDITIONS OF THIS BOND are such that, whereas, Contractor has been awarded and has agreed to enter into a certain Contract with the Incorporated County of Los Alamos, to which this Performance Bond will be attached and incorporated therein, for performance of Work or services on Project specifically described in the Contract document for: |
Incorporated County of Los Alamos Agreement Number: AGR2X-XXX Contractor Name – Project Name and if Contractor shall perform and complete all of the undertakings, covenants, terms, and obligations of said Contract during the original term thereof, and any extensions which may be granted by the County with or without notice to the Surety, and if Contract shall satisfy all claims and demands incurred under such Contract, and shall fully indemnify and save harmless the County from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay the County all outlay and expenses which the County may incur in making good any default, then this obligation shall be void; otherwise it shall be and remain in full force and effect.
Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the Contract falls due, except that, with respect to express guarantees of a longer term, a suit thereon must be initiated within six (6) months following the expiration of said express guarantees, if any.
| The Surety acknowledges that said Contract may contain express guarantees and agrees that said guarantees, if any, are covered by the Surety’s obligation hereunder. |
| Right of action with respect to any express guarantees, if any, in said Contract shall accrue following completion and formal acceptance of the work under said contract. |
| The right to sue on this bond accrues only to the contracting agency and the parties to whom New Mexico Statutes Annotated, 1978 Comp. 13-4-18 through 13-4-20, as amended, grant such right; and such right shall be exercised only in accordance with the provisions and limitation of said statutes. |
| PROVIDED, FURTHER, that Surety, for value received hereby stipulates and agrees that no change, extensions of time, alteration or addition to the terms of Contract. The Agreement, or the work to be performed thereunder, or the Contract Documents accompanying the same, shall in any way affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alternation or addition to the terms of the Contract. |
| PROVIDED, FURTHER, that no final settlement between the County and the Contractor shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied. |
| IN WITNESS WHEREOF, this instrument may be executed in two counterparts, each one of which shall be deemed as an original, this ______ day of _______, 202X. |
The undersigned state that they have the authority to enter into said Contract.
CONTRACTOR AS PRINCIPAL:
By: _________________________________________________ Print Name: __________________________________________ Title: ________________________________________________
ATTEST: ____________________________________________
SURETY:
By: _________________________________________________ Print Name: __________________________________________ Title: ________________________________________________
ATTEST: ____________________________________________
Payment (Labor and Materials) Bond
Payment (Labor and Materials) Bond for the Protection of all Persons Supplying Labor and Material to the Contractor or its Sub-contractors Bond No. ______________ We _____________________________ as Principal, hereinafter called the Contractor, and ___________________________________, a Corporation organized and existing under and by virtue of the laws of the State of _____________________, and authorized to do business in the State of New Mexico, hereinafter called the Surety, are held and firmly bound unto the Incorporated County of Los Alamos as Obligee, hereinafter the County , in the amount of _______________________________Dollars ($________________), in the penal sum of one hundred percent (100%) of the Contract Price of __________________________________________dollars ($____________), as may be adjusted by Change Order, inclusive of applicable gross receipts taxes in lawful money of the United States of America, for the payment of which sum Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally.
Payment (Labor and Materials) Bond is for the Protection of all Persons Supplying Labor and Material to the Contractor or its Sub-contractors WHEREAS, Contractor has agreed to enter into the Agreement described as follows:
Incorporated County of Los Alamos Agreement Number: AGR2X-XXX Contractor Name – Project Name
Which contract is by reference made part hereof, and is hereinafter referred to as the Agreement.
| NOW, THEREFORE, the condition of this obligation is such that if the Contractor shall pay as they become due, all just claims for labor performed and materials and supplies furnished upon or for the work under said contract, whether said labor be performed and materials and supplies be furnished under the original contract or any contract thereunder, then this obligation shall be null and void; otherwise, it shall remain in full force and effect, subject, however to the following conditions: |
| The right to sue on this bond accrues only to the Contracting Agency and the parties to whom Section 31-173 Los Alamos County Code of Ordinances grant such right; and any such right shall be exercised only in accordance with the provisions and limitations of said ordinance. |
| PROVIDE, FURTHER, that the Surety, for value received hereby stipulates and agrees that no change, extensions of time, alteration, or addition to the terms of the Contract, or to the Work to be performed thereunder, shall in any way affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract. |
| PROVIDE, FURTHER, the County shall not be liable for payment of any costs or expenses of any Claimant under this Bond and shall have no obligations to make payments to give notices on behalf of or otherwise have obligations to Claimants. The Surety hereby waives notice of any change, including changes of time, to the Contractor or to related subcontracts, purchase orders and other obligations. |
SIGNED AND SEALED ON this _________day of ____________, 202X.
CONTRACTOR AS PRINCIPAL:
Signature: ___________________________________________ Print Name: __________________________________________ Title: ________________________________________________ Address: ____________________________________________
SURETY’S AUTHORIZED NEW MEXICO AGENT:
Signature: ___________________________________________ Print Name: __________________________________________ Title: ________________________________________________ Address: ___________________________________________
This bond is issued simultaneously with Performance Bond in favor of County for the faithful performance of the contract.
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