14-010 Performance Bond.pdf
PDF 395 KB Posted
- Solicitation number
- 27001447
- Issued by
- Mason County, Texas
About this file
This is a Performance Bond form for the City of Midland, Texas, applicable to the FY 2027 Asphalt Maltene Rejuvenating Agent Project for the Transportation Division. The bond template establishes the contractual relationship between the Principal (contractor), Surety (bonding company), and the Obligee (City of Midland). The bond requires the Principal to faithfully perform all work in accordance with the plans, specifications, instructions to bidders, and general and special conditions of the underlying construction contract. The bond amount is to be specified by the parties and serves as a guarantee of the contractor's performance and completion of the asphalt rejuvenating agent project throughout the City of Midland, Texas.
The bond document specifies that venue for any legal action shall lie in Midland County, State of Texas. The Surety waives notice of any changes, extensions of time, alterations, or additions to contract terms, work scope, plans, specifications, drawings, or assignment of the contract. The bond requires execution by both the Principal and Surety, each with their respective addresses, and approval as to form by the City Attorney. A Power of Attorney Form must be attached to the bond. The document was revised in August 2012 and contains standard performance bond language binding all parties, their heirs, administrators, executors, successors, and assigns jointly and severally to ensure faithful performance of the contract work.
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Text version
PerfB 1
PERFORMANCE BOND
THE STATE OF TEXAS §
COUNTY OF MIDLAND § SURETY NO
KNOW ALL MEN BY THESE PRESENTS, THAT (Hereinafter called the Principal[s]), as Principal(s), and (Hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Midland, Texas a home rule municipal corporation of Midland County, Texas, (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 , for the furnishing of materials and equipment to perform all labor and work necessary for the construction of
, specifically including in the scope of this work and bond, the additional maintenance guaranty provisions set forth in the contract conditions, which contract is hereby referred to and made a part hereof as fully and to the same extent as if copies at length herein, as well as the Principal’s primary obligation to perform according to plans and specifications.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully perform the work in accordance with the plans, specifications, instructions to bidder, general and special conditions and other contract documents, including any addendum thereto, then this obligation shall be void; otherwise to remain in full force and effect.
PerfB 2
PROVIDED further that if any legal action be filed upon this Bond venue shall lie in Midland County, State of Texas.
Surety, for value received, stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract, or to the work performed thereunder, or the plans, specifications or drawings accompanying the same, or any assignment of the contract as may be provided for in the instructions to bidders, shall in anywise affect its obligation on this Bond, and it does waive notice of any such change, extension of time, alteration or addition to the terms of the contract, assignment thereof, or the work to be performed thereunder.
IN WITNESS WHEREOF, the said Principal and surety do sign and seal this instrument, this day of , 20 .
Principal Surety
By By
Address Address
APPROVED AS TO FORM:
City Attorney
NOTE: Attach Power of Attorney
Form Revised August 2012
File details come from the government source that posted it. Updated .