E-2. Payment and Performance Bond Checklist.pdf

CONTRACTOR CHECKLIST FOR PERFORMANCE AND PAYMENT BONDS

IF YOU CAN NOT ANSWER YES TO ALL APPLICABLE QUESTIONS, PLEASE CORRECT THE PROBLEM(S)

BEFORE SUBMITTING THE BONDS

YES NO N/A

1. Is the performance bond executed on the correct form (Aug 2016 REV.)?

Payment bond (Aug 2016) and are the bonds printed on both sides of SF25 or SF25-A?

2. Is the execution date the same as or later than the contract/award date?

3. Is the principal’s name on the bonds and contract exactly the same?

4. If the principal is a partnership or joint venture, are the partners names listed in the principal’s block in the upper left hand corner of the bond form with the trade-name?

5. Is the type of organization correctly checked on behalf of the principal?

6. Is the state of incorporation listed on behalf of the principal?

7. Is the surety’s name exactly as listed on the Treasury Department Circular and is its business address listed?

8. Does the penal sum on each bond comply with FAR 28.102-2?

9. Is the penal sum of the performance bond within the surety’s underwriting limitation from latest TD Circular?

10. Is the contract date on the bonds the same as the award date in block 31C on SF 1442?

11. Is the contract number on the bonds the same as the number in block 4 on SF 1442?

12. Did the principal execute the bonds? Is the typed name and title beneath the signature?

13. Is the corporate seal affixed to the bonds on behalf of the principal and does it read the same as the name in the principal’s block in the upper left corner of the bond form? If not, citation from state law which states that a seal is not required to bind the corporation must be furnished.

14. Is the name and address of the surety company listed?

15. Did the surety execute the bonds? Is the name and title typed or printed beneath the signature?

16. Is the corporate seal affixed to the bonds on behalf of the surety?

17. If co-sureties are executing, did each surety set out exact dollar amounts assumed against penal sum of bond in block marked Liability Limit opposite its name, and do these figures total the penal sum of the bond?

18. If the bonds were executed by a foreign surety company, is the commensurate statement included with the bonds?

19. Is the original power of attorney for the surety company attached to the bonds?

20. Is there a block on the power of attorney for the penal sum of the bond? If so, does it include penal sum of each bond? (It can be one total for both bonds or each penal sum listed separately).

21. Does the power of attorney require an SBA Guarantee Agreement? If it does, it must be furnished with the power of attorney.

22. Is the Attorney-in-Fact’s name on the bonds the same as on the power of attorney?

23. Is the certification date on the power of attorney the same as or later than the bond execution date?

24. Has the corporate seal been affixed on the power of attorney at the signature of the certifying officer?

25. If an irrevocable letter of credit is furnished, does it comply with FAR 28.204-3?

26. FOR INDIVIDUAL SURETIES ONLY: Is the individual surety’s name and business address listed?

a) Do bonds comply with FAR 28.203 - only authorized assets used & escrow accounts set up and attached to the bonds?

b) If real estate is used, are all of the required forms executed properly and do they comply with FAR 28.203-3?

c) Did the individual surety execute the bond and is the name typed beneath

27. HAVE ALL CHANGES OR CORRECTIONS ON THE BONDS BEEN INITIALED BY THE

PRINCIPAL AND THE SURETY?