Payment_and_Performance_Bonds_Form.pdf

STATUTORY PERFORMANCE BOND

(Penalty of this bond must be 100% of Contract Amount)

KNOW ALL MEN BY THESE PRESENTS:

That the City of Tucson, Arizona, a municipal corporation, by action of the

Purchasing Agent on , 20__, has awarded to hereinafter designated as the “Principal”, a

Contract for the construction of which Contract is hereby referred to and made part hereof as fully and to the same extent as if copied at length herein; and

WHEREAS, said Principal is required under the terms of said Contract, and the provisions of Title 34, Chapter 2, Article 2, of the Arizona Revised Statutes, to furnish a bond for the faithful performance of said Contract;

NOW, THEREFORE, we, the Principal and a corporation organized and existing under the laws of the State of , with its principal office in the City of , (hereinafter called the Surety), as Surety, are held and firmly bound unto the City of Tucson, a municipal corporation, (hereinafter called the Obligee), in the penal amount of

Dollars ($ ), for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents.

NOW, THEREFORE, the condition of this obligation is such that if the said Principal shall faithfully perform and fulfill all the undertakings, covenants, terms, conditions, and agreements of said Contract during the original term of said Contract and any extension or renewal thereof, with or without notice to the Surety, and during the life of any guaranty required under the Contract, and shall also 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 the Surety being hereby waived; then the above obligation shall be void, otherwise to remain in full force and effect.

PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Title 34, Chapter 2, Article 2 of the Arizona Revised Statutes, and all liabilities on this bond shall be determined in accordance with the provisions of said Title, Chapter and Article to the extent as if it were copied at length herein.

The prevailing party or any party which recovers judgment on this bond shall be entitled to such reasonable attorney’s fees as may be fixed by the court of a judge thereof.

IN WITNESS WHEREOF two (2) identical counterparts of this instrument, each of which shall for all purposes be deemed an original thereof, have been duly executed by the Principal and Surety named, on the _____day of ___________________, 2022.

Principal

By

ATTEST:

Title

Surety

Attorney in Fact

Agency of Record

Agency Address

City and State

Form approved this 17th day of May, 2021. (Form with original signature of approval is on file in the City Clerk’s Office.)

Mike Rankin

Mike Rankin, City Attorney

NOTE: A certified copy of Power of Attorney of the persons signing for the Surety Company must be filed with the Bond. In the event the Power of Attorney attached hereto is revoked, the Surety shall notify the City Clerk directly in writing. Said Power of Attorney shall remain in full force and effect until such direct notice is given to the City.

STATUTORY PAYMENT BOND

(Penalty of Bond must be 100% of Contract Amount)

KNOW ALL MEN BY THESE PRESENTS:

That a , as Principal, and , as Surety, are held and firmly bound unto the City of Tucson, Arizona, a municipal corporation (hereinafter called the Obligee). in the penal sum of

Dollars

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

WHEREAS, said Principal has entered into a certain contract with said Obligee dated , 20__ hereinafter called the Contract, for which Contract shall be deemed a part hereof as fully as if set forth herein, and under the terms thereof the Principal has agreed to furnish a bond such as herein set forth;

NOW, THEREFORE, the condition of this obligation is such that if the said Principal shall promptly pay all moneys due to all persons supplying labor or materials to him or his subcontractors in the prosecution of the work provided for in said Contract, or in any amendment or extension of or addition to said Contract, then this obligation shall be void, otherwise to remain in full force and effect.

PROVIDED, HOWEVER, that this bond having been required of the said Principal in order to comply with the provision of Title 34, Chapter 2, Article 2, of the Arizona Revised Statutes, all rights and remedies on this bond shall inure solely to such persons and shall be determined in accordance with the provisions, conditions, and limitations of said Title, Chapter and Article, to the same extent as if they were copies at length herein.

The prevailing party or any party which recovers judgment on this bond shall be entitled to such reasonable attorney’s fees as may be fixed by the court or a judge thereof.

IN WITNESS WHEREOF two (2) identical counterparts of this instrument, each of which shall for all purposes be deemed an original thereof, have been duly executed by the Principal and Surety named, on the ________ day of_______________, 20__.

Principal

Surety

Attorney in Fact

Agency of Record

Agency Address

City and State

Form approved this 17th day of May, 2021. (Form with original signature of approval is on file in the City Clerk’s Office.)

Mike Rankin

Mike Rankin, City Attorney

NOTE: A certified copy of Power of Attorney of the persons signing for the Surety Company must be filed with the Bond. In the event the Power of Attorney attached hereto is revoked, the Surety shall notify the City Clerk directly in writing. Said Power of Attorney shall remain in full force and effect until such direct notice is given to the City.