8-010 PERFBOND.pdf

395 KB Posted

Attached to
25006665 RFP Beal Park Phase ll
Solicitation number
25006665
Issued by
Mason County, Texas

About this file

Written by GovTribe AI ·

This is a Performance Bond template form for the City of Midland, Texas, a home rule municipal corporation in Midland County, Texas. The document is a standardized bond form that requires completion by a Principal (contractor) and Surety company to guarantee faithful performance of construction work according to contract plans, specifications, instructions to bidders, general and special conditions, and other contract documents including any addenda. The bond covers the furnishing of materials and equipment to perform all labor and work necessary for construction projects, with additional maintenance guaranty provisions included in the scope of work and bond coverage.

The bond amount and specific project details are left blank as template fields to be completed for individual contracts. The surety agrees that no changes, extensions of time, alterations, additions to contract terms, work performed, plans, specifications, drawings, or contract assignments will affect the bond obligation, and waives notice of such changes. Legal venue for any actions filed on the bond is established in Midland County, Texas. The form requires signatures from both Principal and Surety representatives, addresses, City Attorney approval, and attachment of a Power of Attorney document. The template was revised in August 2012 and serves as a standard format for construction performance bonds with the City of Midland.

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PerfB 1

PERFORMANCE BOND

THE STATE OF TEXAS §

COUNTY OF MIDLAND § SURETY NO

KNOW ALL MEN BY THESE PRESENTS, THAT (Hereinafter called the Principal[s]), as Principal(s), and (Hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Midland, Texas a home rule municipal corporation of Midland County, Texas, (hereinafter called the 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 day of , 20 , for the furnishing of materials and equipment to perform all labor and work necessary for the construction of

, specifically including in the scope of this work and bond, the additional maintenance guaranty provisions set forth in the contract conditions, which contract is hereby referred to and made a part hereof as fully and to the same extent as if copies at length herein, as well as the Principal’s primary obligation to perform according to plans and specifications.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully perform the work in accordance with the plans, specifications, instructions to bidder, general and special conditions and other contract documents, including any addendum thereto, then this obligation shall be void; otherwise to remain in full force and effect.

PerfB 2

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

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, or any assignment of the contract as may be provided for in the instructions to bidders, shall in anywise affect its obligation on this Bond, and it does waive notice of any such change, extension of time, alteration or addition to the terms of the contract, assignment thereof, or the work to be performed thereunder.

IN WITNESS WHEREOF, the said Principal and surety do sign and seal this instrument, this day of , 20 .

Principal Surety

By By

Address Address

APPROVED AS TO FORM:

City Attorney

NOTE: Attach Power of Attorney

Form Revised August 2012

File details come from the government source that posted it. Updated .