GALLUP_PERFORMANCE_BOND.pdf

This is a Performance Bond document issued by the City of Gallup, New Mexico, for the demolition of two single-family dwellings located at 709 B & C S. 6th Street. The bond serves as a financial guarantee that the selected contractor will complete the asbestos removal and demolition work in accordance with the project specifications, applicable regulations, and standards. The performance bond ensures that if the contractor fails to perform their obligations under the contract, the City will be protected through the bonding company's commitment to complete the work or compensate the City for costs associated with project completion or remediation.

The performance bond establishes the contractual relationship between the principal (contractor), the obligee (City of Gallup), and the surety (bonding company). The bond amount is tied to the contract value and serves as security for faithful performance of all work, including proper handling of hazardous materials removal and demolition activities. This bond is a standard requirement for public works projects and ensures contractor accountability, financial stability, and compliance with all applicable environmental, safety, and demolition standards throughout the project execution.