OB-_Performance_Bond.pdf

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: ____________________________________________________