Attachment_B_-_Cash_Deposit_for_Performance_Guarantee.docx
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- Attached to
- Volunteer and Guest Services Management
- Solicitation number
- RFP 26-0367
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
Attachment B is a cash deposit performance guarantee form from the City of Phoenix Aviation Department for a Volunteer and Guest Services Management contract. The document establishes the framework for a contractor to provide a cash deposit as security for faithful performance and payment obligations. The contractor must deposit cash equal to six months of contract payments as the initial performance guarantee amount, with the deposit to be held by the City beginning upon contract execution. The contract term is five years commencing on or about June 1, 2027, with no extension options available.
The City retains the right to increase the performance guarantee amount with at least thirty days' written notice if deemed necessary during the contract term. If the contractor defaults on any contract provision, including payment obligations, the City may use all or any portion of the deposit to cover amounts owed, costs incurred due to default, or other losses resulting from the contractor's non-performance. The contractor must restore any used portion of the deposit within ten business days of written demand, with failure to do so constituting material breach. Upon full performance and faithful completion of all contract obligations, the City shall return the performance guarantee or remaining balance within a reasonable time after contract expiration, provided the City may retain funds until all amounts due from the contractor have been determined and paid in full. No interest accrues to the contractor on commingled funds held by the City.
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Text version
ATTACHMENT B
CASH DEPOSIT FOR PERFORMANCE GUARANTEE
| To: | City of Phoenix – Beneficiary |
| Aviation Department | |
| Contract & Compliance Services Division | |
| 2485 East Buckeye Road | |
| Phoenix, Arizona 85034-4301 | |
| Attn: Deputy Aviation Director |
| Contractor: | Contractor Full Legal Name ______________ | |
| Address 1 | ||
| Address 2 | ||
| City, State, Zip |
Date: [Insert Date]
Amount: [Insert Amount]
As required by [Contractor No. TBD – dated ] or [Permit No. ______], [Insert Contractor Full Legal Name (_____)] is providing a cash deposit to the City of Phoenix (City) as security for the faithful performance by [Insert Contractor Name] to secure payment of all amounts owed by [Insert Contractor Name] to City and its performance of other obligations under the [Contract No. TBD – dated ] or [Permit No. ______]. [Insert Contractor Name]’s cash deposit is for the initial amount of (Insert Printed Dollar Amount) (Insert Numerical Dollar Amount), representing six months of payments under its [Contract No. TBD – dated ] or [Permit No. ______].
The amount of this performance guarantee established as of the date of the [Contract No. TBD – dated ] or [Permit No. ______] may become inadequate during the [Contract No. TBD – dated ] or [Permit No. ______]term and [Insert Contractor Name]’s agrees that it will increase the amount as the City may reasonably prescribe from time to time on at least thirty (30) days prior written notice to [Insert Contractor Name]. The City may commingle the performance guarantee with the City’s other funds and City shall have no obligation to pay or account to [Insert Contractor Name] for any interest that may be earned on the performance guarantee.
If [Insert Contractor Name]defaults with respect to any provision of the [Contract No. TBD – dated ] or [Permit No. ______], including but not limited to the provisions relating to payment of all amounts owed by [Insert Contractor Name] to City, the City may use, apply or retain all or any part of the performance guarantee for the payment of any amounts owed to the City or any other sum in default, or for the payment of any other amount which the City may spend or become obligated to spend by reason of the [Insert Contractor Name]’s default or to compensate the City for any other loss which the City may suffer by reason of the [Insert Contractor Name]’s default. If any portion of the performance guarantee is so used or applied, [Insert Contractor Name] shall, within ten (10) business days after written demand from the City, deposit with the City cash in an amount sufficient to restore the performance guarantee to its original amount, and [Insert Contractor Name]’s failure to do so shall be a material breach of the [Contract No. TBD – dated ] or [Permit No. ______].
If [Insert Contractor Name] fully and faithfully performs every provision of the [Contract No. TBD – dated ] or [Permit No. ______] to be performed by it, the performance guarantee or any balance thereof shall be returned to [Insert Contractor Name]’s within a reasonable time after the expiration of the [Contract No. TBD – dated ] or [Permit No. ______], provided, however, that the City may retain the performance guarantee until such time as any amount due from [Insert Contractor Name] under the [Contract No. TBD – dated ] or [Permit No. ______] has been determined and paid in full.
AGREED AND ACCEPTED:
By:
[Insert Contractor Full Legal Name]
Title:
Name:
Date:
File details come from the government source that posted it. Updated .