Attachment_B_Performance_Bond.docx
DOCX document 25 KB Posted
- Attached to
- WTRBA Trace Creek - UPDATED
- Solicitation number
- Event 32701-13840
- Issued by
- Henry County, Tennessee
About this file
Performance Bond Template for WTRBA Trace Creek Project
This is a Performance Bond template issued by the State of Tennessee Department of General Services Central Procurement Office for use in state and local contracting. The bond establishes a binding agreement between a contractor (Principal), a surety insurer, and the State of Tennessee to guarantee contract performance. The bond obligates the Principal to perform work according to contract specifications and timelines, pay all losses, damages, costs, and attorneys' fees incurred by the State due to default, and complete the Scope of Work to the satisfaction of the State. The Surety waives notice of any contract modifications, extensions of time, alterations, or additions and remains obligated under the bond regardless of such changes. The bond must be executed by both the Principal and Surety with notarized signatures and must be received within fourteen calendar days of the State's request.
The bond penal sum (maximum liability) is to be written in by the parties and is estimated to exceed $400,000 for the Trace Creek project based on the related contract opportunity. The template references Tennessee Code Annotated 12-3-502 regarding time provisions and Authority Granted By Tennessee Compiled Rules and Regulations 0690-03-01-.07. The bond is conditioned upon the Principal's satisfactory performance and remains in full force if the Principal fails to meet any of the three specified conditions: performing the contract as prescribed, paying all State losses and damages including delay costs, and completing the Scope of Work within the contract timeframe. The bond document requires completion of all blank fields including contractor name and address, surety name and address, bond number, solicitation name and number, contract section references, bond amount, execution date, and notary information for both parties.
View the file
Other files
| File | Type | Posted |
|---|---|---|
| Site_Plans_Version_2.pdf | ||
| Specifications_Version_2.pdf | ||
| Attachment_A_Payment_Bond.docx | DOCX document | |
| 32701-13840_Trace_Creek_Specifications.pdf | ||
| WTRBA_Trace_Creek.pdf | ||
| 32701-13840_Trace_Creek_T_C.pdf | ||
| TRACE_CREEK_LOW_HEAD_DAM.pdf.pdf | ||
| 32701-13840_Trace_Creek_T_C.pdf | ||
| 32701-13840_Trace_Creek_Specifications.pdf | ||
| WTRBA_Trace_Creek.pdf |
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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
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