Bond_Forms.pdf

BID BOND

KNOW ALL MEN BY THESE PRESENTS, that we ________________________________ , (hereinafter called Principal) and ________________________________________________ (hereinafter called the Surety) a corporation chartered and existing under the Laws of the State of___________________, with its principal offices in the City of ______________________, authorized to do business in the State of Florida, in the full and just sum of _________________________________ Dollars ($_____________), good and lawful money of the United State of America, to be paid upon demand of the ______________________________________________________________, Florida, to which payment well and truly to be made we bind ourselves, our heirs, executors, administrators, and assigns, jointly and severally and firmly by these presents, WHEREAS, the Principal is about to submit, or has submitted to the _______________________, Florida, a bid for the construction of _______________________________________________in, and for the said City, and

WHEREAS, the Principal desires to file this bond in accordance with the law, in lieu of a Certified or Cashier’s Check otherwise required to accompany this Bid, NOW, THEREFORE, the conditions of this obligation are such that if the Bid be accepted, the Principal shall within ten (10) days after the receipt of notification of the acceptance thereof, execute a contract in accordance with the Bid and upon the terms, conditions and unit or lump sum prices set forth therein, in the form and manner required by the Owner, and execute a sufficient and satisfactory Contract Bond payable to the Owner, in an amount not less than the total contract price, as indicated by the approximate quantities shown in the Bid, in form and with security satisfactory to the said City, then this obligation to be void; otherwise to be and remain in full force and virtue in law; and the Surety shall upon the failure of the Principal to comply with any or all of the foregoing requirements within the time specified above, immediately pay to the aforesaid City upon demand the amount hereof in good and lawful money of the United States of America, not as a penalty, but as liquidated damages.

IN TESTIMONY WHEREOF, the Principal and Surety have caused these presents to be duly signed and sealed this __________ day of ______________________, 20______.

Principal

By___________________________________

Surety

ATTEST: By __________________________________

(SEAL)

PAYMENT BOND

KNOW ALL MEN BY THESE PRESENTS that

(Name of Contractor)

(Address of Contractor) a ___________________________________________, hereinafter called the Principal, and________________________________________________________

(Name of Surety)

(Address of Surety) hereinafter called SURETY, are held and firmly bound unto ________________________

(Name of Owner)

(Address of Owner) hereinafter called the OWNER, in the penal sum of_______________________________

_____________________________________ Dollars, (____________________) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the OWNER, dated the _______ day of______________, 20 ____, a copy of which is hereto attached and made a part hereof for the construction of:

NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms, SUBCONTRACTORS, and corporations furnishing materials for or performing labor in the prosecution of the WORK provided for in such contract, and any authorized extension or modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal and coke, repairs on machinery, equipment and tools, consumed or used in connection with the construction of such WORK, and all insurance premiums on said WORK, and for all labor, performed in such WORK whether by SUBCONTRACTOR or otherwise, then this obligation shall be void; otherwise to remain in full force and effect.

PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to the WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in any way affect its obligation on this BOND, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract or to the WORK or to the

SPECIFICATIONS.

PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.

IN WITNESS WHEREOF, this instrument is executed in ________ counterparts, each one of (Number) which shall be deemed an original, this the _______ day of ________________, 20 _______.

ATTEST: __________________________________

By: __________________________

(Principal) Secretary

(SEAL)

___________________________________ (Address)

(Witness as to Principal)

(Address)

ATTEST:

(Surety) Secretary (Surety)

(SEAL)

_________________________________ By: __________________________

Witness as to Surety Attorney-in-Fact

(Address) (Address)

NOTE: Date of BOND must not be prior to date of Contract. If the CONTRACTOR is a Partnership, all partners should execute the BOND.

IMPORTANT: Surety Companies executing BONDS must appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the State where the Project is located.

PERFORMANCE BOND

KNOW ALL MEN BY THESE PRESENTS that

(Name of Contractor)

(Address of Contractor) a ________________________________________________, hereinafter called Principal, and

(Name of Surety)

(Address of Surety) hereinafter called Surety, are held and firmly bound unto ______________________________

(Name of Owner)

(Address of Owner) hereinafter called the OWNER, in the penal sum of ___________________________________

____________________________________________ Dollars, ($_______________________) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors and assigns, jointly and severally, firmly by these presents.

THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain Contract with the OWNER, dated the __________ day of ________________, 20 ____, a copy of which is hereto attached and made a part hereof for the construction of:

NOW, THEREFORE, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants, terms, conditions and agreements of said Contract during the original term thereof, and any extensions thereof which may be granted by the OWNER, with or without notice to the Surety and during the one-year guaranty period, and if he shall satisfy all claims and demands incurred under such Contract, and shall fully indemnify and save harmless the OWNER from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay the OWNER all outlay and expense which the OWNER may incur in making good any default, then this obligation shall be void; otherwise to remain in full force and effect.

PROVIDED, FURTHER, that the said surety, for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in any way affect its obligation on this BOND, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the contract or to the WORK or to the

SPECIFICATIONS.

PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.

IN WITNESS WHEREOF, this instrument is executed in ________ counterparts, each one of

(Number) which shall be deemed an original, this the _______ day of ________________, 20 _______.

ATTEST: ___________________________________

(Principal) Secretary By: ________________________________

(SEAL)

(Witness as to Principal) (Address)

(Address)

(Surety)

ATTEST:

(Surety) Secretary

(SEAL)

_________________________________ By: ______________________________

Witness as to Surety Attorney-in-Fact

(Address) (Address)

NOTE: Date of BOND must not be prior to date of Contract. If the CONTRACTOR is a Partnership, all partners should execute the BOND.

IMPORTANT: Surety Companies executing BONDS must appear on the Treasury Department’s most current list (Circular 570 as amended) and be authorized to transact business in the State where the Project is located.