C255105_Exhibit_E_Performance_Bond.pdf
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- Solicitation number
- 255105
- Issued by
- Orange County, California
About this file
This is a Performance Bond document for Invitation for Bid (IFB) 255105 issued by the Orange County Transportation Authority for the Orange County, California region. The bond is required as a condition of contract execution for the "Roads, Parking Lots, and Signs Improvements at the Naval Weapons Station Seal Beach" project. The scope of work encompasses slurry seal application, pavement markings, and roadside sign installation at the specified naval facility. The performance bond serves as a financial guarantee that the awarded contractor will complete all work in accordance with the contract terms and conditions, including all warranty obligations.
The performance bond obligates both the contractor and the surety to ensure full performance of the contract requirements. The bond amount is to be specified by the contracting parties and represents the maximum liability of the surety should the contractor fail to perform. The bond remains in effect regardless of any contract modifications, changes in work scope, material specifications, or time extensions granted during contract execution. In the event of contractor non-performance, the surety may either compel the contractor to complete the work or compensate the Orange County Transportation Authority up to the bond amount. Should litigation arise, the surety is liable for reasonable attorneys' fees as determined by the court. This standard performance bond format ensures financial protection for the agency and guarantees project completion.
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Text version
IFB 255105
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 255105, “ROADS, PARKING LOTS, AND SIGNS IMPROVEMENTS AT THE NAVAL
WEAPONS STATION SEAL BEACH,” 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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