Attachment_B_Performance_Bond.docx
DOCX document 25 KB Posted
- Attached to
- WTRBA Central Creek - UPDATED
- Solicitation number
- Event 32701-13841
- Issued by
- Lawrence County, Tennessee
About this file
This Performance Bond template is a standardized form used by the State of Tennessee Department of General Services Central Procurement Office for the WTRBA Central Creek urban stream restoration project. The bond document establishes a binding agreement between the contractor (Principal) and a surety insurer, guaranteeing performance of the contract work for the stream restoration project in Jackson, Madison County, Tennessee. The bond serves as a financial guarantee that the contractor will perform all work according to contract specifications, complete the project by the specified deadline of September 4, 2026, and pay the State for any losses, damages, costs, and attorneys' fees resulting from contractor default, including delay damages. The bond amount equals one hundred percent (100%) of the maximum liability, estimated to exceed three million dollars ($3,000,000.00), and must be received within fourteen (14) calendar days of the State's request. Both the contractor and surety must execute the bond before notary publics in Tennessee, with each party providing an authorized signatory and acknowledging the Surety's understanding of its qualifications and obligations under the contract. The bond remains in full force unless the contractor fully performs all contractual obligations, including completion of stream restoration work involving concrete liner removal, in-stream habitat restoration, riparian buffer enhancement, construction of an 8-foot asphalt pedestrian trail, grading of 7,000 cubic yards of cut material and 9,900 cubic yards of fill, installation of 27 alluvial riffles with 220 tons of boulder structures, a 13,500 square foot retaining wall, and a pedestrian bridge abutment.
The Surety waives notice of any changes, extensions of time, alterations, or additions to the contract terms and agrees that such modifications will not affect its obligation under the bond. Tennessee Code Annotated Section 12-3-502 governs the time provisions applicable to this bond. The bond is issued under the authority of Tennessee Compiled Rules and Regulations 0690-03-01-.07 and Tenn. Code Ann. 12-3-502, establishing the legal framework for performance bonds on State of Tennessee contracts exceeding the three million dollar threshold.
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Text version
7-16-15
BOND NO. #
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS: that We, Contractor name Contractor address Contractor telephone
(hereinafter called the “Principal”), whose principal business address and telephone number is as stated above; and
Surety name Surety address Surety telephone
(hereinafter called the “Surety”), whose principal address and telephone number is as stated above, a surety insurer chartered and existing under the laws of the State of state name and authorized to do business in the State of Tennessee;
are held and firmly bound unto the State of Tennessee Department of General Services Central Procurement Office (“State”), whose principal address is 312 Rosa L. Parks Avenue, 3rd Floor, Nashville, TN 37243, and whose principal telephone number is 615-741-1035 in the penal sum of written amount ($ number) for payment of which we bond ourselves, our heirs, our personal representatives, our successors and our assignees, jointly and severally.
WHEREAS, Principal has entered into a contract with State for solicitation name (Solicitation No. #) (the “Contract”) in accordance with the scope of services and deliverables (the “Scope”) set forth in Section reference of the Contract.
THE CONDITION OF THIS BOND is that if Principal:
1. Performs the Contract at the times and in the manner prescribed in the Contract; and
2. Pays State any and all losses, damages, costs and attorneys’ fees, including appellate proceedings, that State sustains because of any default by Principal under the Contract, including, but not limited to, all delay damages, whether liquidated or actual, incurred by State; and
3. Performs, to the satisfaction of State the Scope under the Contract for the time specified in the Contract;
then this bond is void; otherwise it remains in full force.
The Surety, for value received, hereby stipulates and agrees that no changes, extensions of time, alterations or additions to the terms of the Contract or other work to be performed hereunder, or the specifications referred to in the Contract shall in anyway affect its obligation under this bond. The Surety waives notice of any such changes, extensions of time, alterations or additions to the terms of the Contract or to the Scope.
It is expressly understood the time provision under Tenn. Code Ann. § 12-3-502 shall apply to this bond. Bond must be received within fourteen (14) calendar days of receipt of request by the State or a Delegated State Agency.
By execution of this bond, the Surety acknowledges that it has read the Surety qualifications and obligations imposed by the Contract and hereby satisfies those conditions.
IN WITNESS WHEREOF, the above bounded parties have executed this instrument this day of , 20 , the name of each party being affixed and these presents duly signed by its undersigned representative, pursuant to authority of its governing body.
Signed, sealed and delivered In the presence of: PRINCIPAL:
Contractor name
| By: | |
| (Contractor’s authorized signatory) |
(Printed name and title)
STATE OF TENNESSEE
COUNTY OF __________________
On this ___________ day of ____________, 20 _________, before me personally appeared _____________________________________________, to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed.
Notary Public Printed Name: ______________________ Commission Expires:
Signed, sealed and delivered In the presence of: SURETY:
Surety name
| By: | |
| (Surety’s authorized signatory) |
(Printed name and title)
STATE OF TENNESSEE
COUNTY OF __________________
On this ___________ day of ____________, 20 _________, before me personally appeared _____________________________________________, to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that such person (or persons) executed the same as such person (or person's) free act and deed.
Notary Public Printed Name: ______________________ Commission Expires:
Authority Granted By Tenn. Comp. R. & Regs. 0690-03-01-.07 and Tenn. Code Ann. § 12-3-502
File details come from the government source that posted it. Updated .