FAITHFUL_PERFORMANCE_BOND_FORM.pdf
PDF 58 KB Posted
- Solicitation number
- 2023-IFB-LM-230
- Issued by
- Los Angeles County, California
About this file
The document is a Faithful Performance Bond form for the City of Pasadena, California, related to an inspection, maintenance, and repair services contract for a Compressed Natural Gas (CNG) fueling station. The bond is a standard legal instrument that guarantees the principal (contractor) will fulfill all contractual obligations for the project at the City of Pasadena Maintenance Yard, specifically covering inspection, maintenance, troubleshooting, and emergency repair services for the CNG fueling station and its associated components.
The performance bond serves as a financial protection mechanism for the City of Pasadena, ensuring that the contractor will complete the work as specified in the contract. While the specific bond amount is not filled in on this template, such bonds typically represent a percentage of the total contract value and provide a financial guarantee that the city can recover costs if the contractor fails to perform according to the contract terms. The bond includes provisions that the surety (insurance company) remains liable even if there are alterations to the work or extensions of time, which provides additional security for the municipal government's interests.
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Text version
FAITHFUL PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
THAT ____________________________________________ , as principal, and as surety, are held and firmly bound unto the City of Pasadena, a municipal corporation, in the just and full amount of
(words and figures) for the payment whereof we hereby bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
Given under our hands and sealed with our seals this day of , ________.
The condition of the foregoing obligation is such that, WHEREAS, the above-named principal is about to enter into a contract with the City of Pasadena whereby said principal agrees to furnish all labor, material, equipment, transportation and services for the_______________ in the City of Pasadena, California, as provided in said contract, which said contract is hereby referred to and made a part hereof to the same extent as if the same were herein specifically set forth;
NOW, THEREFORE, if the said principal shall well and truly do and perform all things agreed by it in said contract to be done and performed, then this obligation is to be void; otherwise to remain in full force and effect;
PROVIDED, that any alterations in the work to be done, or the material to be furnished, which may be made shall not in any way release the principal or the surety hereunder, nor shall any extensions of time granted release either the principal or the surety, and notice of such alterations or extensions of the contract is hereby waived by the surety.
WITNESS our hands this _________________ day of ____________________________ , 20___.
Principal
Dated
City Clerk
By
Assistant City Clerk
By _______________________________________________ NAME, President and
Surety
By
Approved as to Form City Attorney
By Assistant City Attorney
| as principal: |
| and: |
| words and figures: |
| Given under our hands and sealed with our seals this_2: |
| day of_2: |
| undefined_3: |
| principal agrees to furnish all labor material equipment transportation and services for the: |
| undefined_4: |
| WITNESS our hands this: |
| day of_3: |
| Text12: |
| undefined_5: |
| Text13: |
| and_2: |
| Dated_2: |
| Surety: |
File details come from the government source that posted it. Updated .