(2)_Perfomance_Bond_(1).pdf

PERFORMANCE BOND

Required if contract equals or exceeds $25,000 (to be executed in duplicate)

Bond No. ________________ Premium: $_______________

Project Name: ______________________________________________________________________

Project/Bid Package Number(s): ________________________________________________________

Contractor: ________________________________________________________________________

WHEREAS, the William S. Hart Union High School District, as Obligee, awarded to ________________________________________ as Principal, the contract for the work described as follows:

WHEREAS, said Principal is required under the terms of said contract to furnish a bond for the faithful performance of said contract which contract is incorporated herein by reference.

NOW, THEREFORE, we the undersigned Principal and Surety are held and firmly bound unto the Obligee in the sum of: ________________________________________________ ($_________________) (this amount being not less than one hundred percent [100%] of the total amount payable by the Obligee under the terms of the contract awarded by the Obligee to the Principal), lawful money of the United States of America, for payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION IS SUCH THAT, if the hereby bonded Principal, its heirs, executors, administrators, successors, or assigns shall in all things stand to and abide by and well and truly keep and perform all the undertakings, terms, covenants, conditions, and agreements in the said contract and any alteration thereof, made as therein provided, including, but not limited to, the provisions regarding contract duration and liquidated damages, all within the time and in the manner therein designated in all respects according to their true intent and meaning, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect.

As a condition precedent to the satisfactory completion of the contract, the above obligation shall hold good for a period of one (1) year after the acceptance of the work by the Obligee, during which time if Principal shall fail to make full, complete, and satisfactory repair and replacements and totally protect the Obligee from loss or damage made evident during the period of one (1) year from the date of completion of the work, and resulting from or caused by defective materials or faulty workmanship, the above obligation in penal sum thereof shall remain in full force and effect. The obligation of the Surety hereunder shall continue so long as any obligation of the Principal remains.

Whenever Principal shall be, and is declared by the Obligee to be, in default under the contract, the Obligee having performed the Obligee’s obligations thereunder, the Surety shall promptly remedy the default, or shall promptly:

1. Complete the contract in accordance with its terms and conditions; or

2. Obtain a bid or bids for completing the contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsive and responsible bidder, arrange for a contract between such bidder and the Obligee, and make available as work progresses sufficient funds to pay the cost of completion less the balance of the contract price, but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth above. The term “balance of the contract price” as used in this paragraph shall mean the total amount payable to the Principal by the Obligee under the contract and any modifications thereto, less the amount previously properly paid by the Obligee to the Principal.

Surety expressly agrees that the Obligee may reject any contractor or subcontractor which may be proposed by the Surety in fulfillment of its obligations in the event of default by the Principal.

Surety shall not utilize the Principal in completing the contract nor shall the Surety accept a bid from the Principal for completion of the work if the Obligee, when declaring the Principal in default, notifies the Surety of the Obligee’s objection to the Principal’s further participation in the completion of the work.

No right of action shall accrue on this bond to or for the use of any person or corporation other than the Obligee named herein or the successors or assigns of the Obligee. Any suit under this bond must be instituted within the applicable statute of limitations period.

Further, the said Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration or modification of the Project documents, or of the work to be performed thereunder, shall in any way affect its obligations on this bond; and it does hereby waive notice of any change, extension of time, alteration or modification of the Project documents or of the work to be performed thereunder.

In the event that the Obligee is required to engage the services of an attorney in connection with the enforcement of this bond, the Principal or Surety shall pay all costs incurred by the Obligee including reasonable attorney’s fees incurred, with or without suit.

IN WITNESS WHEREOF, we have hereunto set our hands and seals this ____ day of ____________, 20___.

Principal (exactly as it appears on Contractor’s License)

Surety

Signature Signature

Print Name Print Name

Print or Type Title Print or Type Title

Surety Mailing Address

Phone

Fax

Email Address of Surety Contact

Affix Corporate Seal of

Prime Contractor if corporated

Affix Corporate Seal of Surety

Attach power of attorney Attach jurat