7-PERFORMANCE BOND.pdf

PERFORMANCE BOND

Project: 250 West Reconstruction (Blackridge Dr to Tech Ridge Parkway)

Inquiry No. 26-284

KNOW ALL MEN BY THESE PRESENTS: that

(Name of Contractor)

(Address of Contractor) a (Corporation, Partnership, or Individual), hereinafter called Principal, and

(Name of Surety)

(Address of Surety) hereinafter called Surety, are held and firmly bound unto the City of St. George located at 61 South Main

Street, St. George, Utah 84770 hereinafter called CITY, in the penal sum of

Dollars, $ ( ) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the CITY, dated the day of 20 , a copy of which is hereto attached and made a part hereof for the construction of the above-named project.

NOW, THEREFORE, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants, terms, conditions, and agreements of said contract during the original term thereof, and any extensions thereof which may be granted by the CITY, with or without notice to the

Surety and during the one year guaranty period, and if he shall satisfy all claims and demands incurred under such contract, and shall fully indemnify and save harmless the CITY from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay the CITY all outlay and expense which the CITY may incur in making good any default, then this obligation shall be void;

otherwise to remain in full force and effect.

PROVIDED, FURTHER, that the said surety, for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in any wise 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 or to the CONTRACT DOCUMENTS.

PROVIDED, FURTHER, that no final settlement between the CITY and the CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.

IN WITNESS WHEREOF, this instrument is executed in counterparts, each one of which shall be deemed an original, this the day of 20 .

ATTEST:

Principal

(Principal) Secretary

(SEAL) By

Address

Witness as to Principal

ATTEST:

Surety

By__________________________________

NOTE: Date of BOND must not be prior to date of Contract. If CONTRACTOR is Partnership, all partners should execute BOND.

IMPORTANT: Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the state where the project is located.