Appendix D - Example Performance and Payment Bonds.pdf

APPENDIX D.1

PERFORMANCE BOND

KNOW ALL MEN BY THESE PRESENTS THAT

as principal and as Surety, are held and firmly bound unto the COUNTY OF WAYNE, its Chief Executive Officer, Board of Commissioners, Offices, Department, Agents and Employees as their interests may appear, in the penal sum of DOLLARS ($ ), lawful money of the United States, for the payment of which sum of money well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by

SEALED with our seals and dated this day of , 20__.

THE CONDITION OF THE ABOVE OBLIGATION IS SUCH THAT whereas the above bounden Principal has entered into a certain contract with the COUNTY OF WAYNE, Michigan, bearing the date the day of , 20__, for

NOW, IF THE SAID Principal shall in all respects well and truly keep and perform the said contract on its part, in accordance with the terms thereof in the time and manner therein prescribed, and further shall defend, indemnify, keep and save harmless the County of Wayne, its Chief Executive Officer, Board of Commissioners, Offices, Departments, Agents and Employees as their interests may appear, against all liabilities, judgments, costs, damages and expenses which may in any wise come against said County of Wayne, its Chief Executive Officer, Board of Commissioners, Offices, Departments, Agents, Employees, or any of them, as their interests may appear, in consequence of the granting of such contract or which may in any wise result from the carelessness or neglect of said Principal of its Agents, Employees or Workmen in any respect whatever, or which may result on account of any infringement of any patent by reason of the materials, machinery, device or apparatus used, in the performance of said contract, and, moreover, shall pay to said County any sum or sums of money due said County by reason of any failure or neglect in the performance of the requirements of said contract, where the said County shall have elected to suspend the same, and shall pay all claims and damages whatsoever which may accrue to each and every person who shall be employed by said Principal or by its assignee or assignees, Contractors, Subcontractor or Subcontractors, in or about the performance of said contract, then is this obligation to be null and void, otherwise, to remain in full force and effect.

AND PROVIDED, that any alterations which may be made in the terms of the contract, or in the work to be done under it, or the giving by the County of any extension of time for the performance of the contract, or any other forbearance on the part of either the County or the Principal to the other shall not in any way release the Principal and the Surety or either of them, their heirs, executors, administrators, successors or assigns from their liability hereunder, notice to the Surety of any such alterations, extension of time or of forbearance being hereby waived.

WITNESSES:

(Seal)

APPENDIX D.2

PAYMENT BOND

KNOWN ALL MEN BY THESE PRESENTS, That as Principal and as Surety, are held and firmly bound unto the County of Wayne, its Chief Executive Officer, Board of Commissioners, Officers, Departments, Agents and Employees, in the penal sum of DOLLARS ($ ) lawful money of the United States, for the payment of which sum of money well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

SEALED with our seals and dated this day of , 20___

THE CONDITION OF THE ABOVE OBLIGATION IS SUCH That whereas the above bounden Principal has entered into a certain contract with the County of Wayne, Michigan, bearing date the day of , 20___, for

NOW, IF THE SAID Principal shall pay, as the same may become duly payable, all indebtedness which may arise payable by said Contractor to a subcontractor or party performing labor or furnishing materials, or payable by any subcontractor to any person, firm or corporation on account of any labor performed, or materials furnished in the erection, repairing or ornamentation of such building, improvement, or works, in accordance with the provisions of Act No. 213 of the Public Acts of the State of Michigan, for the year 1963, as amended, then this obligation shall be void; otherwise to remain in full force and virtue.

AND PROVIDED, That any alterations which may be made in the terms of the contract, or in the work to be done under it, or the giving by the County of any extension of time for the performance of the contract, or any other forbearance on the part of either the County or the Principal to the other shall not in any way release the Principal and the Surety or either of them, their heirs, executors, administrators, successors or assigns from their liability hereunder, notice to the Surety of any such alterations, extension of time or of forbearance being hereby waived.

WITNESSES: