Attachment 5 Performance Bond Form - PB-1.doc

ATTACHMENT 5

STATE OF NEW JERSEY

DEPARTMENT OF THE TREASURY

DIVISION OF PURCHASE AND PROPERTY

33 WEST STATE STREET

PO BOX 230

TRENTON, NJ 08625-0230

Bid Solicitation #25DPP01169

PERFORMANCE BOND______

The agreement is made as of the ______ day of _______________, ________ by and between ____________________ (Name and Address of Company)

(hereinafter called “Principal”, and the ___________________________________________________________________ (Name and Address of Surety) organized and existing under the laws of the State of ______________________________________________________ and authorized to transact business in the State of New Jersey (hereinafter called “Surety”), are held and firmly bound unto the State of New Jersey (hereinafter called “Obligee”), in the sum of $ (US dollars), as shall be sufficient to indemnify Obligee in case of the default of Principal as hereinafter set forth, for the payment of which sums well and truly to 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 and/or order with Obligee, the result of a proposal duly made by the Principal in accordance with the terms of Obligee’s request for proposals for furnishing materials, supplies and/or services, which contract and/or order is hereby referred to as Contract Number and/or Purchase Order Number effective and expiring and any extension(s) thereof, and made a part hereof as fully and to the same extent as if copied at length herein.

NOW, THEREFORE, if the Principal shall well and truly perform and fulfill all the undertakings, covenants, terms, conditions, specifications and agreements of the contract and/or order during the original term thereof, and of any extension(s) thereof as provided therein, with or without notice to the surety, and during the life of any warranty/guaranty provided under the contract, and shall also well and truly perform and fulfill all the undertakings, covenants, terms, conditions, and agreements of any and all modifications of the contract, that may hereafter be made, notice of which modifications to the surety being hereby waived, then this obligation shall be void; otherwise to be and remain in full force and effect.

IN WITNESS WHEREOF, the above parties have executed this instrument under their several seals this _________day of______________________, __________, the name and corporate seal of each corporate party being affixed hereto and these presents duly being signed by its authorized representative.

(Corporate Seal if Applicable)

(Principal - Please Print)

(Signature and Title of Principal)

(Surety Company Seal)

(Surety Company - Please Print)

(Signature and Title of Authorized Agent of Surety Company)

INSTRUCTIONS FOR COMPLETING PERFORMANCE BOND FORM

To avoid delay, complete documents properly.

For assistance, please contact:

Olu Olubanjo, state Procurement Specialist 609-508-6006

INSTRUCTIONS FOR THE CONTRACT VENDOR (“PRINCIPAL”):

1. If contractor is an INDIVIDUAL OR UNINCORPORATED BUSINESS:

· Bond must be signed by owner or individual contractor.

· Acknowledgments Form (PB-1B) must be completed by a Notary Public.

2. If contractor is a PARTNERSHIP:

· Bond must be signed by all partners or by the partner(s) having authority to bind the partnership.

· Acknowledgments Form (PB-1B) must be completed by a Notary Public.

3. If contractor is a CORPORATION:

· Bond must be signed by president, vice president or treasurer of corporation. (If a person other than those noted above signs bond, a corporate resolution must be attached.)

· Corporate seal must be affixed.

· Acknowledgments Form (PB-1B) must be completed by a Notary Public.

INSTRUCTIONS FOR THE SURETY COMPANY:

1. A surety company authorized by the New Jersey Department of Banking and Insurance to do business in the State of New Jersey must complete the remainder of the form.

2. Bond must be signed by an authorized agent of the surety company.

3. Surety company seal must be affixed.

4. Power of Attorney must be attached for executing agent.

IMPORTANT NOTICE

The terms and conditions of this contract acceptance include the submission of properly executed performance security, which may be a performance bond issued by a surety company authorized by the New Jersey Department of Banking and Insurance to do business in the State of New Jersey, and must be acceptable to the Director of the Division of Purchase and Property (Division). State using agencies cannot make payments against invoices for goods and services delivered and accepted unless the properly executed performance security is received and accepted by the Division.

FAILURE TO SUBMIT PROPERLY EXECUTED PERFORMANCE SECURITY WITHIN THIRTY (30) CALENDAR DAYS OF RECEIPT OF NOTICE OF CONTRACT AWARD MAY RESULT IN CANCELLATION OF THE CONTRACT FOR CAUSE IN ACCORDANCE WITH THE STATE OF NEW JERSEY STANDARD TERMS AND CONDITIONS. THE CONTRACTOR MAY BE LIABLE, AT THE OPTION OF THE STATE, FOR THE DIFFERENCE BETWEEN HIS PROPOSAL PRICE AND THE PRICE FROM AN ALTERNATE SOURCE OF SUPPLY.

NOTE: THIS FORM MUST BE ACCOMPANIED WITH A COMPLETED, NOTARIZED ACKNOWLEDGMENTS FORM NO. PB-1B.

RETURN COMPLETED BOND AND ACKNOWLEDGMENTS FORM TO:

NEW JERSEY DEPARTMENT OF THE TREASURY

DIVISION OF PURCHASE AND PROPERTY

ATTN: Olu Olubanjo

P.O. BOX 230

TRENTON, NJ 08625-0230

PB-1 (Rev. 5/14)