OB-_Performance_Bond.pdf
PDF 128 KB Posted
- Attached to
- Tennis Court Resurfacing and Cabana Installation
- Solicitation number
- 2026-0403
- Issued by
- Baldwin County, Alabama
About this file
This is a Performance Bond template document associated with the State of Alabama's Tennis Court Resurfacing and Cabana Installation project at the Orange Beach Tennis Center. The performance bond serves as a surety instrument guaranteeing that the selected contractor will faithfully perform the contract obligations, satisfy all claims and demands, and fully indemnify the Owner from costs and damages resulting from failure to perform. The bond requires completion of eight tennis court resurfacing projects and installation of four cabanas at the specified facility.
The performance bond establishes joint and several liability between the Principal (Contractor) and the Surety, with the bond amount to be determined and inserted upon contract execution. The bond remains in effect for twelve months following final payment under the contract. The document includes provisions stipulating that the Surety waives notice of any changes, extensions of time, or additions to contract terms, specifications, or work scope, ensuring that such modifications do not affect the bond's obligations. The bond must be signed and sealed by authorized representatives of both the Principal and Surety, with countersignature required, establishing the binding nature of this financial guarantee for the duration of the contract performance.
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Text version
PERFORMANCE BOND (SAMPLE)
KNOW ALL MEN:
That we __________________________________________________________________________, hereinafter called the Principal, (Insert here the name and address or legal title of the Contractor)
______________________________________________________________________________________, hereinafter called the Surety, (Insert here the name and address or legal title of the Surety) are held and firmly bound unto the Owner in the sum of ________________________________________________________
($___________________) for the payment whereof the Principal and the Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly, by these presents.
WHEREAS, the Principal has, by means of a written agreement dated __________________________________________ entered into a Contract with the Owner for ______________________________________________ which agreement is by reference made a part hereof.
NOW THEREFORE, the conditions of the obligation are such that if the Principal shall faithfully perform the
Contract on his part, and satisfy all claims and demands, incurred for the same, and shall fully indemnify and save harmless the Owner from all costs and damage which he may suffer by reason of failure to do so, and shall reimburse and repay the Owner all outlay and expense which the Owner may incur in making good for any such default thence this obligation shall be null and void; otherwise, it shall remain in full force and effect.
PROVIDED, HOWEVER, that no suit, action or proceedings, by reason of any default whatever be brought on his bond after twelve months from the day on which the final payment under the Contract falls due.
PROVIDED, further, that said Surety, for value received hereby stipulate and agree that no change, extension of time, or addition to the terms of the Contract or to the work to be performed thereunder of the specifications thereof shall in any way effect their obligations on this bond, and they do hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Contract, or to the work, or to the specifications.
SIGNED, SEALED, AND DELIVERED this __________ day of __________________________________.
Attest: (Corporate Principal Sign Here)
____________________________________________ By: ____________________________________________________
Attest: (Surety Sign Here)
____________________________________________ By: ____________________________________________________
COUNTERSIGNED: ________________________________________________________
By: ____________________________________________________
File details come from the government source that posted it. Updated .