C250017_Performance_Bond.pdf
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- Solicitation number
- 250017
- Issued by
- Orange County, California
About this file
This is a Performance Bond document for Invitation for Bid (IFB) 270017 issued by the Orange County Transportation Authority in California for facility modifications at the Santa Ana Bus Base Operations Building. The performance bond serves as a surety instrument required to guarantee the contractor's faithful execution of all covenants and obligations specified in the underlying contract agreement. The bond obligates both the contractor and surety jointly and severally to ensure complete and timely performance of all work in accordance with contract terms and conditions, including warranty obligations.
The performance bond establishes that if the contractor fails to fully perform all requirements, the surety shall either enforce performance by the contractor or pay the Orange County Transportation Authority for the same, up to the bond amount specified in the document. The surety's obligations remain in full force regardless of any changes to the work or materials to be furnished, extensions of time granted, or modifications made pursuant to the contract terms. Additionally, should litigation arise from the contractor's failure to perform, the surety is liable for reasonable attorneys' fees as determined by the court. The bond is executed by both the contractor and surety and requires approval by the Orange County Transportation Authority.
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Text version
IFB 270017
EXHIBIT E
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, ________________________________________________________ hereinafter referred to as "Contractor", as principal, and _________________________ as surety, are held and firmly bound unto the Orange County Transportation Authority, State of California, in the sum ________________________________________ Dollars, ($_______________________), lawful money of the United States of America, for the payment of which sum, well and truly to be made, we bind ourselves, jointly and severally, firmly by these presents.
The condition of the foregoing obligation is such that, WHEREAS, said Contractor has been awarded and is about to enter into the annexed Agreement with the Orange County Transportation Authority for the IFB 270017, “FACILITY MODIFICATIONS AT SANTA ANA BUS BASE OPERATIONS BUILDING,” as specified in said Agreement, which is incorporated herein to this bond by reference, and is required under the terms of said Agreement to give this bond in connection with the execution thereof;
NOW THEREFORE, if the said Contractor shall well and truly do and perform all of the covenants and obligations of said Agreement on his part to be done and performed at the times and in the manner specified herein, then this obligation shall be null and void, otherwise it shall be and remain in full force and effect; and in the event said Contractor fails to fully perform all requirements in accordance with the terms and conditions of said Agreement, including warranty obligations, then surety shall enforce performance by the Contractor or shall pay the Orange County Transportation Authority for the same in an amount not exceeding the amount specified in this bond; and, further, if in the event suit is brought upon this bond then said surety shall pay the Orange County Transportation Authority for reasonable attorneys' fees to be fixed by the court;
PROVIDED, that any changes in the work to be done, or the material to be furnished, whether or not made pursuant to the terms of said contract, shall not in any way release either the Contractor or the surety there under, nor shall any extensions of time granted under the provisions of said contract release either the Contractor or the surety, and notice of such changes or extensions of the contract is hereby waived by the surety.
WITNESS our hands this _________ day of ___________, 202_.
(SEAL)
(Contractor)
By
Approved:
(Title)
(SEAL) (Surety)
By
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