6-07. Sample of Maintenance, Payment, and Performance Bonds.pdf

11/13/2008 CHD

MAINTENANCE BOND

(General Contract)

KNOW ALL MEN BY THESE PRESENTS:

That we, , as Principal, and , a corporation organized under the laws of the State of and authorized to do surety business in the State of Texas, as Surety, are held and firmly bound unto City of Amarillo, Texas, as Obligee, in the sum of Dollars ($ ) lawful money of the United States of America, for the payment of which sum will be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents:

WHEREAS, Principal has entered into a contract with Obligee, dated to construct , said contract being by reference incorporated herein for all purposes; and

WHEREAS, the said Principal is required by the contract to guarantee Principal’s works against defects in materials or workmanship which may develop during the period of ______ years from and after the date of acceptance by said Obligee;

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the

Principal shall faithfully carry out and perform the said guarantee and shall, on due notice, repair and make good at its own expense any and all defects in materials or workmanship in the said work that may develop during the period of year(s) from and after the date of acceptance by said Obligee or shall pay over, make good, and reimburse to said Obligee all loss and damage which said Obligee may sustain by reason of failure or default of said Principal to do so, then this obligation shall be null and void; otherwise to remain in full force and effect.

The Obligee may notify the Principal in writing (with copy to Surety) of any defect(s) for which the Principal is responsible and shall specify in said notice a period of time in which Principal shall correct said defect.

NOTE: DO NOT DATE THE BOND

The Surety agrees to perform the corrections within thirty (30) calendar days after the

Obligee notifies the Surety in writing that the Principal has failed to make the required corrections. If such defect(s) is not corrected within said thirty (30) days, then the Obligee shall have the right to correct the defect(s) and the Principal and Surety, jointly and severally, shall pay all costs and expenses incurred by the Obligee in correcting the defect(s); including but not limited to engineering costs and legal costs, together with any direct and/or consequential damages the Obligee sustains as a result of the failure of the Principal and/or Surety to correct the defect(s).

PROVIDED FURTHER, that if any legal action be filed upon this Bond, exclusive venue shall lie in Potter County, State of Texas.

IN WITNESS WHEREOF, , Principal, has caused these presents to be executed by its authorized attorney in fact and the said , Surety, has caused these presents to be executed by its and attested by its corporate seal this day of 20__.

Attest:

PRINCIPAL, CONTRACTOR

By: By:

Title: Address:

SURETY

By: By:

Title: Address:

Phone:

PAYMENT BOND

THE STATE OF TEXAS

COUNTY OF

KNOW ALL MEN BY THESE PRESENTS, that we _____________________________________________ a_

______________________ of ___________________________ hereinafter called Principal, and __________

_______________________ , a corporation organized under the laws of ___________ hereinafter called Surety, are held and firmly bound unto the City of Amarillo, a municipal corporation, chartered by virtue of the constitution and laws of the State of Texas, hereinafter called 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 ________ 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 CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall pay all claimants supplying labor and material to him or a subcontractor in the prosecution of the work provided for in said contract, 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 Chapter 2253 of the Texas

Government Code as amended and all liabilities on this bond shall be determined in accordance with the provisions of said chapter to the same extent as if it were copied at length herein.

IN WITNESS WHEREOF ______________________ , Principal has caused these presents to be executed by its authorized attorney in fact and the said _____________________ , Surety, has caused these presents to be executed by its ___________ , this ___ day of __________ , A.D., ______ .

ATTEST

PRINCIPAL

By

(Principal Seal) Address

ATTEST

SURETY

By

(Surety Seal) Address

PERFORMANCE BOND

THE STATE OF TEXAS

COUNTY OF

KNOW ALL MEN BY THESE PRESENTS, that we ______________________________________ a.

_____________________ of ____________________________ hereinafter called Principal, and __________

_______________________ , a corporation organized under the laws of __________ hereinafter called Surety, are held and firmly bound unto the City of Amarillo, a municipal corporation, chartered by virtue of the constitution and laws of the State of Texas, hereinafter called 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 _______ 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 CONDITION OFTHIS OBLIGATION IS SUCH, that if the said Principal shall faithfully perform the work in accordance with the plans, specifications, and the contract documents, 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 Chapter 2253 of the Texas

Government Code as amended and all liabilities on this bond shall be determined in accordance with the provisions of said chapter to the same extent as if it were copied at length herein.

IN WITNESS WHEREOF ______________________ , Principal has caused these presents to be executed by its authorized attorney in fact and the said ______________________ , Surety, has caused these presents to be executed by its __________ , this __ day of __________ , A.D., _____ .

ATTEST

PRINCIPAL

By

(Principal Seal) Address

ATTEST

SURETY

By

(Surety Seal) Address