C260460_Exhibit_E_Sample_Performance_Bond.pdf
PDF 76 KB Posted
- Attached to
- OC ACCESS Paratransit Services
- Solicitation number
- 260460
- Issued by
- Orange County, California
About this file
This is a Performance Bond template document associated with RFP 260460 for OC ACCESS Paratransit Services issued by the Orange County Transportation Authority (OCTA) in California. The bond serves as a financial guarantee that the awarded contractor will fulfill all obligations and covenants outlined in the service agreement. The document establishes a binding agreement between the contractor as principal, a surety company, and OCTA, whereby the surety commits to ensure performance or financial compensation up to a specified bond amount if the contractor fails to meet contractual requirements, including all warranty obligations. The bond remains in effect regardless of any modifications to the work scope or extensions of time granted under the contract terms.
The Performance Bond requires the contractor to execute the document with appropriate signatures and seals from both the contractor and surety representatives, with the bond amount to be determined based on contract specifications. The surety's liability extends to payment of reasonable attorney's fees if legal action becomes necessary to enforce performance. This bond is a standard requirement for the turnkey management and operation of paratransit services, which encompasses management, personnel, reservations, scheduling, dispatching, operations, insurance, data management, reporting, computer systems, administrative software, and vehicles for driver relief and road supervision. As this is a Federal Transit Administration funded project, the performance bond requirement aligns with federal funding conditions and serves to protect the public agency's interests in service continuity and quality delivery.
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Text version
RFP 260460
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 RFP 260460, “OC ACCESS Paratransit Services,” 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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