_O_Payment_and_Performance_Bonds_Sample.pdf

PAYMENT BOND

JOC 25__

KNOW ALL MEN BY THESE PRESENTS:

That WHEREAS, the County of San Mateo hereinafter designated as the “County,” has awarded to ________________________ hereinafter designated as the "Principal," a contract dated ________________________hereinafter designated as the “Contract,” which Contract is by this reference made a part hereof, for the work described as

And WHEREAS, pursuant to law, the Principal is required, before entering upon the performance of the work, to file a good and sufficient bond with the body by whom the

Contract is awarded to secure the claims to which reference is made in Sections 9550 to

9566 and 9100 to 9364 both inclusive, of the Civil Code of California.

NOW THEREFORE, THESE PRESENTS WITNESSETH:

That the said Principal and the undersigned ______________________________, (Surety’s Name) as corporate Surety, are held and firmly bound unto all laborers, material men and other persons referred to in said statutes in the sum of

________________________________________ Dollars ($ ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, or assigns, jointly and severally, by these presents.

The condition of this obligation is that if the above bonded Principal, contractor, person, company or corporation, or his or its sub-contractor, fails to pay any claimant name in Section 9100 of the Civil Code of the State of California, or amounts due under the Unemployment Insurance Code, with respect to work or labor performed by any such claimant, that the Surety on this bond will pay the same, in an amount not exceeding the aggregate sum specified in this bond, and also, in case suit is brought upon this bond, a reasonable attorney’s fee, which shall be awarded by the court to the prevailing party in said suit, and attorney’s fees to be taxed as costs in said suit.

It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Section

9100 to 9364 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond.

This bond is executed and filed to comply with the provisions of the act of

Legislature of the State of California as designated in the Civil Code, Sections 9550-9566 inclusive, and all amendments thereto.

Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect.

And the said Surety, for value received, hereby stipulates and agrees that no change will be made which increases the total Contract price more than twenty percent

(20%) in excess of the original Contract price without notice to the Surety, then, this obligation to be void, otherwise to remain in full force and virtue.

Correspondence relating to this bond shall be sent to the Surety at the address set forth below.

IN WITNESS WHEREOF, this instrument has been duly executed by the

Principal and Surety this day of , 20 .

Principal Surety

Signature Signature

Printed Name Printed Name

Address for Notices:

NOTE: Notary acknowledgement for Surety and Surety’s Power of Attorney must be attached.

PERFORMANCE BOND

JOC 25__

KNOW ALL PERSONS BY THESE PRESENTS:

That WHEREAS, the County of San Mateo, hereinafter designated as the “County,” has awarded to _________________________________________, hereinafter designated as “Principal,” a contract dated _______________________, hereinafter designated as the “Contract,” which Contract is by this reference made a part hereof, for the work described as

And WHEREAS, Principal is required to furnish a bond in connection with the

Contract, guaranteeing the faithful performance thereof;

NOW THEREFORE, THESE PRESENTS WITNESSETH:

That the said Principal and the undersigned, _______________________________, (Surety’s Name) as corporate Surety, are held and firmly bound unto the County in the sum of

Dollars ($ ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally, firmly by these presents.

The condition of this obligation is such, that if the Principal shall well and truly perform and fulfill all the undertakings, covenants, terms, conditions, and agreements of said

Contract during the original term of said Contract and any extensions thereof that may be granted by the County, with or without notice to the Surety, and during the life of any guarantee required under the Contract, and shall also well and truly perform and fulfill all the undertakings, covenants, terms, conditions and agreements of any and all duly authorized modifications of said Contract that may hereafter be made, notice of which modifications to Surety being hereby waived, on Principal’s part to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify, defend, protect, and hold harmless the County as stipulated in the Contract, then this obligation shall become and be null and void; otherwise it shall be and remain in full force and effect.

No extension of time, change, alteration, modification, or addition to the Contract, or of the work required thereunder, shall release or exonerate Surety on this bond or in any way affect the obligation of this bond; and Surety does hereby waive notice of any such extension of time, change, alteration, modification, or addition.

IN WITNESS WHEREOF, this instrument has been duly executed by the

Principal and Surety this day of , 20 .

Principal Surety

Signature Signature

Printed Name Printed Name

NOTE: Notary acknowledgement for Surety and Surety’s Power of Attorney must be attached.

The above bond is accepted and approved this day of , 20 .

(Contractor's or Subcontractor's own letterhead)

GUARANTEE FOR _____________________ _____________________

We (Contractor’s name) hereby guarantee ___________________ beginning _____________ for _____________ year(s) in accordance with the Contract Documents.

We agree to repair or replace to the satisfaction of the Owner any and all such work that may prove defective in workmanship or materials within that period, ordinary wear and tear and unusual abuse or neglect excepted, together with all other work which may be damaged or displaced in so doing.

In the event of our failure to comply with the above-mentioned conditions within seven calendar days after being notified in writing, we collectively and separately do hereby authorize the Owner to proceed to have the defects repaired and made good at our expense, and will pay the costs and charges therefore immediately upon demand.

I hereby certify that I am authorized to sign this document.

Date (Signature of Subcontractor)

Print Name and Title

Date (Signature of Contractor)

Print Name and Title

(Contractor must co-sign with Subcontractor)