5-Solicitation-Form-6-Performance-Bond-Form.pdf

Based on SCCPSS Sample Performance Bond Form -Construction Bid Template-4/12/25

BOARD OF PUBLIC EDUCATION FOR THE CITY OF SAVANNAH AND THE COUNTY OF CHATHAM

SOLICITATION FORM 6

Sample Performance Bond Form

(for reference only)

Performance Bond Requirements:

If a Bidder’s Bid exceeds $100,000 and the Bidder is the successful Bidder who is awarded a contract at the end of this solicitation, then the successful Bidder will be required to provide a Performance Bond as a condition precedent to the execution of any contract.

Performance Bonds shall be in an amount equal to the total amount payable by the terms of the contract, which shall be the total amount agreed to in the final contract approved by the School District. The amount of the Performance Bond shall be increased as the contract amount is increased.

Performance Bonds should be furnished on forms accepted as standard by the insurance industry and shall be sufficiently similar to this Performance Bond Form attached as Solicitation Form 6. The surety named in the bond should either be authorized to do business in this state pursuant to a current certificate of authority to transact surety business by the Georgia Commissioner of Insurance or on the United States Department of Treasury’s list of approved bond sureties. The District shall assess, in its discretion, the sufficiency of the Performance Bond form and the surety.

Sample Performance Bond:

Project No. __________

PERFORMANCE BOND Bond No.

KNOW ALL MEN BY THESE PRESENTS:

That ___________________________________________________________ as principal (hereinafter referred to (Legal Name and Address of the Contractor) as "Contractor"), and ________________________________________________ as surety (hereinafter referred to

(Legal Title and Address of Surety) as "Surety"), are held and firmly bound unto the Board of Public Education of the City of Savannah and the County of Chatham as Obligee (hereinafter referred to as "Owner") in the amount of DOLLARS ($__________________________), to which payment Contractor and Surety bind Themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, the above bounden Principal has entered into a contract with the Owner bearing date of _____________________________for:____________________________________________________________ (Insert Name of Work) in accordance with drawings and specifications prepared by: _____________________________________ which (Full Name and Title) said contract is incorporated herein by reference and made a part hereof, and is hereinafter referred to as the Contract.

NOW THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if the Contractor shall promptly and faithfully perform and comply with the terms and conditions of said contract; and shall indemnify and hold harmless the Owner against and from all cost, expenses, damages, injury or loss to which said Owner may be subjected by reason of any wrongdoing, including patent infringement, misconduct, want of care or skill, default or failure of performance on the part of said Principal, his agents, Subcontractors or employees, in the execution or performance of said contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect.

(1) The said Surety to this bond, for value received, hereby stipulates and agrees that no change or changes, extension of time or extensions of time, alteration or alterations or addition or additions to the terms of the contract, or to the work to be performed thereunder, or the specifications or drawings accompanying same, or the exercise of the Owner’s right to do work with separate contractors or to correct work pursuant to the terms of the Contract, shall in any way affect its obligation on this bond, and it does hereby waive notice of any such change or changes, extension of time or extensions of time, alteration or alterations or addition or additions to the terms of the contract, or to the Work or to the specifications

Based on SCCPSS Sample Performance Bond Form -Construction Bid Template-4/12/25 or drawings. In addition, the Surety to this bond, for value received, hereby agrees to the provisions of Paragraph

1.5.1.3 for increases in the penal amount of this bond and waives notice from the Owner of any such changes.

(2) If pursuant to the Contract Documents the Contractor shall be declared in default by the Owner under the aforesaid

Contract, the Surety shall promptly perform this bond agreement in accordance with its terms and conditions. It shall be the duty of the Surety to give an unequivocal notice in writing to the Owner, within twenty-five (25) days after receipt of a declaration of default, of the Surety's election to either remedy the default or defaults promptly or to perform the Contract promptly, time being of the essence. In said notice of election, the Surety shall indicate the date on which the remedy or performance will commence, and it shall then be the duty of the Surety to give prompt notice in writing to the Owner immediately upon completion of (a) the remedy and/or correction of each default, (b) the remedy and/or correction or each item of condemned work, (c) the furnishing of each omitted item of work, and (d) the performance of the Contract. The Surety shall not assert the solvency of its Principal as justification for its failure to give notice of election or for its failure to promptly remedy the default or defaults or perform the Contract.

(3) Supplementary to and in addition to the foregoing, whenever the Owner shall notify the Surety that the Owner has notice that the Contractor has failed to pay any Subcontractor, Supplier, or laborer for labor or materials certified by the Contractor as having been paid for by the Contractor in accordance with said Contract, which said labor or materials have been included in a periodical estimate and certified by the Design Professional for payment and paid for by the Owner, the Surety shall, within twenty (20) days of receipt of such notice, cause to be paid any unpaid amounts for such labor and materials.

(4) It is expressly agreed by the Principal and the Surety that the Owner, if he desires to do so, is at liberty to make inquiries at any time of Subcontractors, Suppliers, material men, laborers or other parties concerning the status of payments for labor, materials, or services furnished in the prosecution of the work.

(5) No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the legal successors of the Owner.

(6) For the purposes of this bond, the name and address of the Authorized State of Georgia Licensed Agent to whom correspondence and telecommunications may be addressed and/or with whom business concerning this bond may be conducted will be as follows:

NAME

ADDRESS

CITY STATE ZIP CODE

TELEPHONE NUMBER

(7) Further, this bond shall be the Performance Bond furnished under O.C.G.A. Title 36 chapter 91 and shall be subject to increase in the penal amount of the bond pursuant to such statutes and Paragraph 1.5.1.3 of the Contract.

SIGNED AND SEALED THIS _______ DAY OF _____________________ , ________________.

IN THE PRESENCE OF:

___________________________________ ______________________________________(SEAL)

WITNESS PRINCIPAL

NAME TITLE

___________________________________ ______________________________________(SEAL)

WITNESS SURETY

NAME TITLE

Resident Georgia Agent *

Solicitation Form 6