C250338_Exh_E_Performance_Bond.pdf
PDF 183 KB Posted
- Attached to
- 91 Express Lanes Entrance Gantry Electrical Work
- Solicitation number
- 250338
- Issued by
- Orange County, California
About this file
This is a Performance Bond exhibit from the Orange County Transportation Authority (OCTA) for IFB 250338, "91 ExpressLanes Entrance Gantry Electrical Work." The performance bond is a required document that contractors must submit upon award to guarantee fulfillment of all contractual obligations. The bond covers electrical services for the OCTA 91 Express Lanes facility, with work to be completed over one hundred-eighty (180) calendar days. The contractor selected for this project must provide this bond in connection with contract execution and maintain compliance with all terms, conditions, and warranty obligations specified in the underlying agreement.
The bond amount is to be determined based on the contract value and will be held jointly by the contractor and a surety company, naming OCTA as the obligee. The surety guarantees that the contractor will perform all covenants and obligations or pay OCTA for non-performance up to the bond amount. The bond remains in effect regardless of any contract modifications, changes to work scope, material specifications, or time extensions granted during performance. In the event of contractor default, the surety may enforce performance or compensate OCTA, and any litigation costs, including reasonable attorneys' fees, are the surety's responsibility. The overall project budget is $551,025.
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Other files
| File | Type | Posted |
|---|---|---|
| 91_Express_Lanes_Entrance_Gantry_Electrical_Work_(Addendum_#2_Revision).pdf | ||
| C250338_Exh_A_Agreement.pdf | ||
| C250338_Exh_F_Payment_Bond.pdf | ||
| C250338_Exh_G_Guaranty.pdf | ||
| C250338_Exh_B_SOW_and_Bill_of_Materials.pdf | ||
| IFB_250338_CCO.pdf | ||
| IFB_250338_Safety_III.pdf | ||
| IFB_250338_Plans.pdf | ||
| C250388_SOWV.pdf | ||
| C250388_ICE.pdf | ||
| Additional_Instructions.docx | DOCX document |
Show all 11
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Text version
IFB 250338
EXHIBIT E
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, ________________________________________________________ hereinafter referred to as "Contractor", as principal, and _________________________ as surety, are held and firmly bound unto the Orange County Transportation Authority, State of California, in the sum ________________________________________ Dollars, ($_______________________), 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 2 5 0 3 3 8 , “91 ExpressLanes Entrance Gantry Electrical Work,” 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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