Bonds_-_Performance_Bond.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