Bonds_-_Payment_and_Performance_Bonds.pdf

Performance Bond

PERFORMANCE BOND

Bond No.

KNOW ALL BY THESE PRESENTS, that (Here insert full name and address or legal title of Contractor) as Principal, hereinafter called Contractor, and (Bonding Company), a corporation duly licensed under the laws of the State of California as Surety, hereinafter called the Surety, are held and firmly bound unto the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento as Obligee, in the amount of

Dollars ($ ) for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.

WHEREAS, Contractor has by written agreement dated , 20_____entered into a contract with the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento for ____________________ ____________________________________________________ (project number and name) at

, Sacramento, CA , in accordance with the Bid Form prepared by: (Here insert full name and address of legal title of Contractor) which contract is by reference made a part hereof referred to as the Contract.

NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract then this obligation shall be null and void; otherwise it shall remain in full force and effect. The Surety hereby waives notice of any alteration of extension of time made by the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento and its obligation is not affected by any such alteration or extension provided the same is within the scope of the contract. Whenever Contractor shall be, and is declared by the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento to be in default under the Contract, the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento having performed the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento obligations thereunder, the Surety may promptly remedy the default or shall promptly:

1. Complete the Contract in accordance with its terms and conditions; or

2. Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento and the Surety jointly of the lowest responsive, responsible bidder, arrange for a contract between such bidder and the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento and make available as work progresses (even though there should be a default or succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price," as used in kpeloquin Cross-Out

Performance Bond this paragraph, shall mean the total amount payable by the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento to Contractor under the Contract and any amendments thereto, less the amount property paid by the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento to Contractor. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento or successors of the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento.

Signed and sealed this day of , 20____.

(Principal) (Seal)

(Witness)

(Title)

(BONDING COMPANY)

(Witness)

By (Attorney-in-Fact)

The Power of Attorney of persons signing for the Surety Company must be attached.

NOTE: Date of Performance Bond must not be prior to date of Contract.

1. Correct name of Contractor.

2. A Corporation; A Partnership; or an Individual, as case may be, attached.

3. Correct name of Surety.

4. If Contractor is Partnership, all partners must execute Performance Bond.

5. The following (made out to the Enter Authority: Sacramento Housing Authority and

Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento) Performance Bond for 100% of the contract price.

END OF SECTION

Labor & Material Payment Bond

LABOR & MATERIAL PAYMENT BOND

Bond No.

KNOW ALL BY THESE PRESENTS, that (Here insert full name and address or legal title of Contractor) as Principal, hereinafter called Contractor, and (Bonding Company), a corporation duly licensed under the laws of the State of California as Surety, hereinafter called the Surety, are held and firmly bound unto the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento as Obligee, in the amount of Dollars ($ ) for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.

WHEREAS, Contractor has by written agreement dated , 20_____ entered into a contract with the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento for _______________________ _____________________________________________________ (project number and name) at , Sacramento, CA , in accordance with the bid prepared by: (Here insert full name and address of legal title of Contractor) which contract is by reference made a part hereof referred to as the Contract.

NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION is such that, if Principal shall promptly make payment to all claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the Contract, then this obligation shall be void; otherwise it shall remain in full force and effect, subject, however, to the following conditions:

1. A claimant is defined as one having a direct contract with the Principal or with a Subcontractor of the Principal for labor, material, or both, used or reasonably required for use in the performance of the Contract, labor and material being construed to include that part of water, gas, power, light, heat, oil, gasoline, telephone service, or rental of equipment directly applicable to the Contract.

2. The above-named Principal and Surety hereby jointly and severally agree with the Sacramento

Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento that every claimant as herein defined, who has not been paid in full before the expiration of the period of ninety (90) days after the date on which the last of such claimant’s work or labor was done or performed, or materials were furnished by such claimant, may sue on this bond for the use of such claimant, prosecute the suit to final judgment for such sum or sums as may be justly due claimant, and have execution thereon. The Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento shall not be liable for the payment of any costs or expenses of any such suit.

3. No suit or action shall be commenced herein under by any claimant:

a. Unless claimant, other than one having a direct contract with Principal, shall have given written notice to any two of the following: the Principal, the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento, or the Surety above named, within

Labor & Material Payment Bond ninety (90) days after such claimant did or furnished the last of the materials for which said claim is made, stating with substantial accuracy the amount claimed and the name of the party to whom the materials were furnished, or for whom the work or labor was done or performed. Such notice shall be personally served or served by mailing the same by registered mail or certified mail, postage prepaid, in an envelope addressed to the Principal at any place the Principal maintains an office or conducts its business.

b. After the expiration of one (1) year following the date on which the last of the labor was performed or material was supplied by the party bringing suit.

c. Other than in court of competent jurisdiction for the county or district in which the construction contract was to be performed.

4. The amount of this bond shall be reduced by and to the extent of any payment or payments made in good faith herein under, inclusive of the payment by Surety of mechanics' liens which may be filed of record against said improvement, whether or not claim for the amount of such lien be presented under and against this bond.

Signed and sealed this day of , 20______.

(Principal) (Seal)

(Witness)

(Title)

(BONDING COMPANY)

(Witness)

By (Attorney-in-Fact)

The Power of Attorney of persons signing for the Surety Company must be attached.

NOTE: Date of Labor & Material Payment Bond must not be prior to date of Contract.

1. Correct name of Contractor.

2. A Corporation; A Partnership; or an Individual, as case may be, attached.

3. Correct name of Surety.

4. If Contractor is Partnership, all partners must execute Labor & Material Payment Bond.

5. The following (made out to the Sacramento Housing and Redevelopment Agency on behalf of the Housing Authority of the City of Sacramento and the Housing Authority of the County of Sacramento): a Labor & Material Payment Bond for 100% of the contract price.

END OF SECTION