Payment _ Performance Bond Forms.pdf

100% Performance Bond

KNOW ALL MEN BY THESE PRESENTS: that, ____________________________________, as Principal, hereinafter called CONTRACTOR, and ____________________________________, a corporation organized and existing under the laws of the State of Georgia, hereinafter called SURETY, are held and firmly bound unto CITY OF ALPHARETTA, GEORGIA, as oblige, hereinafter called CITY and their successors and assigns, in the penal amount of

__________________________________________________________________DOLLARS

($______________________________) for the payment of which the CONTRACTOR and SURETY bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly be these presents.

WHEREAS, CONTRACTOR has by written agreement dated _________________________, 20____ , entered into a written construction contract, hereinafter referred to as the CONTRACT, with CITY for:

FY27 SIDEWALK REPAIR & MAINTENACE, more particularly described in the CONTRACT (hereafter called the PROJECT) in accordance with drawings and specifications prepared by CITY, which CONTRACT is by reference made a part hereof.

NOW, THEREFORE, the conditions of this obligation is such that, if CONTRACTOR must fully and completely perform all the undertakings, covenants, terms, conditions, warranties and guarantees contained in said CONTRACT, including all modifications, amendments, changes, deletions, additions and alterations thereto that may hereafter be made, then this obligation will be null and void, otherwise it will remain in full force and effect.

Whenever CONTRACTOR is, and declared by CITY to be in default under the CONTRACT, the CITY having performed CITY’s obligation thereunder, the SURETY will promptly remedy the default promptly as follows:

1. Complete the CONTRACT in accordance with its terms and conditions; or,

2. Obtain a bid or bids for completing the CONTRACT in accordance with its terms and conditions, and upon determination by SURETY and the CITY of the lowest responsible bidder, arrange for a contract between such Bidder and the CITY, and make available as PROJECT progresses (even though there should be a default or a succession of defaults under the CONTRACT or Contract of Completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the SURETY may be liable hereunder, the penal sum set forth in the first paragraph hereof. The term "Balance of the Contract Price", as used in this paragraph will mean the total amount payable by CITY to CONTRACTOR under the CONTRACT and any amendments hereto, less the amount properly paid by CITY to

CONTRACTOR.

3. Allow the CITY to complete the PROJECT and reimburse the CITY for all reasonable costs incurred in completing the PROJECT.

BOND #

In the presence of: CONTRACTOR: _______________________________

___________________________________ By:_________________________________(Seal) Witness

SURETY: ___________________________________

_________________________________ By:________________________________ (Seal) Witness Georgia Representative

SURETY Contact Information:

Address:

Phone:

Email:

Surety companies executing bonds must appear on the Treasury Department’s most current list (Circular 570, as amended) and be authorized to conduct business in the State of Georgia.

100% Performance Bond______________________________P___age 2 o___f 2__ The SURETY hereby waives notice of any and all modifications, omissions, additions, changes, alterations, extensions of time, changes in payment terms, and any other amendments in or about the CONTRACT, and agrees that the obligations undertaken by this bond will not be impaired in any manner by reason of any such modifications, omissions, additions, changes, alterations, extensions of time, change in payment terms, and amendments.

The SURETY hereby agrees that this bond will be deemed amended automatically and immediately, without formal or separate amendments hereto, upon any amendment to the CONTRACT, so as to bind the CONTRACTOR and the SURETY to the full and faithful performance of the CONTRACT as so amended or modified, and so as to increase the penal sum to the adjusted Contract Price of the

CONTRACT.

No right of action will accrue on this bond to or for the use of any person, entity, or corporation other than the CITY and any other obligee named herein, or their executors, administrators, successors or assigns.

This Bond is intended to comply with O.C.G.A. § 36-91-70 and will be interpreted to comply with the minimum requirements thereof. However, in the event the express language of this bond extends protection to the CITY beyond that contemplated by O.C.G.A. § 36-91-70, or any other statutory law applicable to this PROJECT, then the additional protection will be enforced in favor of the CITY, whether or not such protection is found in the applicable statutes.

No action can be instituted on this bond after one year from the completion of the CONTRACT and the acceptance by the CITY of the work thereunder.

IN WITNESS WHEREOF the undersigned have caused this instrument to be executed and their respective corporate seals to be affixed and attested by their duly authorized representatives this

Signed and sealed this _______day of_________________________ , 20___ .

100% Labor and Material Payment Bond

KNOW ALL MEN BY THESE PRESENTS: that, ____________________________________, as Principal, hereinafter called CONTRACTOR, and ____________________________________, a corporation organized and existing under the laws of the State of Georgia, hereinafter called SURETY, are held and firmly bound unto CITY OF ALPHARETTA, GEORGIA, as oblige, hereinafter called CITY and their successors and assigns, in the penal amount of

__________________________________________________________________DOLLARS

($______________________________) for the payment of which the CONTRACTOR and SURETY bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly be these presents.

WHEREAS, CONTRACTOR has by written agreement dated _________________________, 20____ , entered into a written construction contract, hereinafter referred to as the CONTRACT, with CITY for:

FY27 SIDEWALK REPAIR & MAINTENANCE, more particularly described in the CONTRACT (hereafter called the PROJECT) in accordance with drawings and specifications prepared by CITY, which CONTRACT is by reference made a part hereof.

NOW, THEREFORE, the condition of this obligation is such that if CONTRACTOR will promptly make payment to all persons working on or supplying labor or materials under the CONTRACT, and any amendments thereto, with regard to labor or materials furnished and used in the PROJECT, and with regard to labor or materials furnished but not so used, then tis obligation will be void; but otherwise it will remain in full force and effect subject, however, to the following conditions:

1. A Claimant will be defined as any subcontractor, person, [arty, partnership, corporation or other entity furnishing labor, services, or materials used, or reasonably required for use, in performance of the CONTRACT, without regard to whether such labor, services, or materials were sold, eased, or rented, and without regard to whether such Claimant is or is not in privity of contract with the CONTRACTOR or any subcontractor performing work on the PROJECT, including, but not limited to, the following labor, services, or materials: water, gas, power, light, heat, oil, gasoline, telephone service, or rental of equipment directly applicable to the CONTRACT.

2. In the event a Claimant files a claim against the CITY, or the property of the CITY, and the CONTRACTOR fails or refuses to satisfy or discharge it promptly, the SURETY will satisfy or discharge the claim promptly upon written notice from the CITY, either by bond or as otherwise provided in the CONTRACT.

3. The SURETY hereby waives notice of any and all modifications, omissions, additions, changes, alterations, extensions of time, changes in payment terms, and any other amendments in or about the CONTRACT and agrees that the obligations undertaken by this bond will not be impaired in any manner by reason of any such modifications, omissions, additions, changes, alterations, extensions of time, changes in payment terms, and amendments.

BOND # _________________________

4. The SURETY hereby agrees that this Bond will be deemed amended automatically and immediately, without formal or separate amendments hereto, upon any amendment or modification to the CONTRACT, so as to bind the CONTRACTOR and SURETY, jointly and severally, to the full payment of any Claimant under the CONTRACT, as amended or modified, provided only that the SURETY will not be liable for more than the penal sum of the Bond, as specified in the first paragraph hereof.

5. This Bond is made for the use and benefit of all persons, firms, and corporations who or which may furnish any materials or perform any labor for or on account of the construction to be performed or supplied under the CONTRACT, and any amendments thereto, and they and each of them may sue hereon.

6. No action may be maintained on this Bond after one (1) year from the date the last services, labor, or materials were provided under the CONTRACT by the Claimant prosecuting said action.

7. This Bond in intended to comply with O.C.G.A. § 36-91-90 and will be interpreted to comply with the minimum requirements thereof. However, in the event the express language of this Bond extends protection to the CITY beyond that contemplated by O.C.G.A. § 36-91-90, or any other statutory law applicable to this PROJECT, then the additional protection will be enforced in favor of the CITY, whether or not such protection is found in the applicable statutes.

Signed and sealed this _______day of_________________________ , 20___ .

In the presence of:

CONTRACTOR: _______________________________

___________________________________ By:________________________________ (Seal) Witness

SURETY: ___________________________________

_________________________________ By:________________________________ (Seal) Witness Georgia Representative

100% Labor and Material Payment Bond________________ P___ag___e 2 of 3___

Surety Contact Information:

Address:

Phone:

Fax:

Email:

Surety companies executing bonds must appear on the Treasury Department’s most current list (Circular 570, as amended) and be authorized to conduct business in the State of Georgia.

100% Labor and Material Payment Bond________________ P___age 3 o___f 3 ___