2-1. Attachment D - PerformanceBond.pdf
PDF 102 KB Posted
- Attached to
- City Park Parking Lot Expansion
- Solicitation number
- S2026-003
- Issued by
- Upton County, Texas
About this file
This is a Performance Bond attachment document prepared pursuant to Vernon's Texas Government Code Title 10, Chapter 2253, required for the City Park Parking Lot Expansion project in Liberty Hill, Texas. The bond serves as a guarantee that the selected contractor will faithfully perform all contractual obligations related to the construction project, which includes furnishing and installing approximately 103,900 square feet of concrete parking, 18,400 square feet of concrete sidewalk, curb ramps, site lighting, earthwork, landscaping/irrigation, erosion control, and related construction items. The design and construction management services are being provided by Kimley-Horn and Associates, Inc., located in Austin, Texas. The bond remains in effect for one year from the date of final project completion and may be cancelled upon written notice from the City stating that the contract has been completed and accepted.
The performance bond requires both the principal contractor and a surety corporation authorized to conduct business in Texas to guarantee contract performance. In the event the City declares the contractor in default, the surety must, within fifteen days of such declaration and at the City's election, either assume completion of the contract in accordance with the original schedule and specifications or allow the City to draw upon the full bond amount. The bond covers all contractual obligations including indemnity, warranty, and guaranty obligations, with the surety's liability capped at the bond's penal amount. The bond agreement includes provisions waiving notice of any contract modifications and establishes venue in the county where the work is to be constructed, with the surety agreeing to pay all losses, expenses, and attorneys' fees resulting from any breach of the bond obligation.
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Text version
Attachment D
PERFORMANCE BOND
Pursuant to Vernon’s Texas Government Code Title 10, Chapter 2253, as amended
THE STATE OF TEXAS § BOND NO.
COUNTY OF §
KNOW ALL BY THESE PRESENTS, THAT:
of the City of ,County of ,and State of , as PRINCIPAL, and , a corporation organized and existing under the laws of _________ and authorized under the laws of the State of Texas to act as SURETY on bonds for PRINCIPALS, are held and firmly bound unto the (OWNER), in the penal sum 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 OWNER, dated the day of , 200__, for the construction of ______________ 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 CONDITIONS OF THIS OBLIGATION ARE SUCH, that if the said PRINCIPAL shall faithfully perform the said Contract and shall in all respects duly and faithfully observe and perform all and singular the covenants, conditions and agreements in and by said Contract agreed and covenanted by the PRINCIPAL to be observed and performed, and according to the true intent and meaning of said Contract and the Plans and Specifications thereto annexed, and shall fully indemnify and save the OWNER harmless from any loss, cost or damage by reason of PRINCIPAL’s failure to complete the work then this obligation shall be void; otherwise to remain in full force and effect;
PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Texas Gov. 2253 as amended and all liabilities on this bond shall be determined in accordance with the provisions of said Article to the same extent as if it were copied at length herein.
In the event that the OWNER declares the PRINCIPAL in default under the Contract, the
Surety will, within fifteen days of the OWNER’S declaration of such default, at OWNER’S election either: 1) take over and assume completion of said Contract and shall faithfully construct and complete said Contract in a good and workmanlike manner in accordance with the original schedule for completion, the approved Plans and Specifications, or 2) allow OWNER to draw on any part or all of the total amount of this bond by submitting a written request for a draw.
This bond covers all contractual obligations of Principal under the Contract, including, without limitation, the indemnity, warranty and guaranty obligations and shall extend for one (1) year from the date of final completion of the work under the Contract. Conditioned upon the Surety’s faithful performance of its obligation, the liability of the Surety for the Principal’s default shall not exceed the penalty of this bond.
The Surety agrees to pay the OWNER upon demand all loss and expense, including attorneys’ fees, incurred by the OWNER by reason of or on account of any breach of this obligation by the Surety. Provided further, that in any legal action be filed upon this bond, venue shall lie in the county where the work is to be constructed.
This Bond is a continuing obligation and shall remain in full force and effect until cancelled as provided for herein. This Bond may be cancelled upon Surety’s receipt of written notice of cancellation by the OWNER stating that the Contract has been completed and accepted by OWNER.
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, 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, or to the work to be performed thereunder.
IN WITNESS WHEREOF, the said PRINCIPAL and SURETY have signed and sealed this instrument this day of , 2026.
Principal Surety
By By ________
Title Title __________
Address Address _____________
The name and address of the Resident Agent of Surety is:
(Seal)
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