Payment_&_Performance_Bonds__(1).docm
DOCM document 27 KB Posted
- Attached to
- Event Coordinator Services
- Solicitation number
- 2026-04 CONL
- Issued by
- New London County, Connecticut
About this file
Payment & Performance Bonds Document
This is a Payment & Performance Bonds template document applicable to the City of New London, Connecticut's Event Coordinator Services contract opportunity. The document provides standard bond forms required for contract performance, consisting of a Labor and Material Payment Bond and a Performance Bond. These bonds serve as financial instruments to ensure contractor compliance with contractual obligations and protect the Owner (City of New London) and material suppliers. The bonds require the Principal (contractor) and Surety (bonding company) to guarantee performance of the underlying contract. A non-mandatory pre-proposal meeting for the Event Coordinator Services is scheduled for November 5, 2025, with proposals due by November 19, 2025, at 2:00 pm. The contract term covers event coordination services throughout 2026, with the Office of Economic Development and Planning overseeing the contract administration.
The Labor and Material Payment Bond guarantees payment for all materials and labor supplied in the prosecution of work under the contract, allowing unpaid claimants to pursue legal action against the bond. The Performance Bond requires the contractor to promptly and faithfully perform all contractual obligations, including remedial work during the guarantee period, and mandates wage certification compliance with Connecticut prevailing wage standards. The Performance Bond specifies that any legal action must be instituted within one year from the expiration of the guarantee period. The Surety waives notice of alterations or time extensions and may either remedy defaults directly, engage another contractor to complete the work, or obtain completion bids. Both bonds require corporate seals, authorized signatures, and attorney-in-fact documentation with power-of-attorney verification. The specific bond amounts are to be determined based on the final contract value, and respondents must comply with the City's insurance requirements, including minimum general liability coverage of $1,000,000 per occurrence and $2,000,000 aggregate.
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Other files
| File | Type | Posted |
|---|---|---|
| Event_Coordinator_Services_(Addendum_#2_Revision).pdf | ||
| Event_Coordinator_Services_(Addendum_#2_Revision).pdf | ||
| Event_Coordinator_Services.pdf | ||
| Sample_Contract.docx | DOCX document | |
| Payment_&_Performance_Bonds__(1).docm | DOCM document | |
| Payment_&_Performance_Bonds__(1).docm | DOCM document | |
| Sample_Contract_(w_Liquidated_Damages_and_Retainage_Language).docx | DOCX document | |
| Sample_Contract_(w_Liquidated_Damages_and_Retainage_Language).docx | DOCX document | |
| Sample_Contract.docx | DOCX document | |
| Sample_Contract_(w_Liquidated_Damages_and_Retainage_Language).docx | DOCX document | |
| Sample_Contract.docx | DOCX document |
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Text version
L&MPB
LABOR AND MATERIAL PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS:
That , as Principal
(hereinafter called Principal) and as Surety, (hereinafter called Surety) are held and firmly bound unto
| as Obligee (hereinafter called Owner), for the use and benefit of claimants as hereinbelow defined; | |||
| in the amount of | Dollars ($ | ) for the payment whereof the Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. |
WHEREAS, Principal has by written agreement dated entered into a Contract with the owner for which Contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
NOW, THEREFORE, the condition of this obligation is such that, if the said Principal shall promptly pay for all materials furnished and labor supplied or performed in the prosecution of the work included in and under the aforesaid Contract, whether or not the material or labor enters into and becomes a component part of the real asset, then this obligation shall be null and void otherwise it shall remain in full force and effect.
PROVIDED, that any alterations which may be made in the terms of the Contract or in the work to be done under it, or the giving by the Owner or any other forbearance on the part of either the Owner or the Principal to the other shall not in any way release the Principal and the Surety or either or any of them, their heirs, executors, administrators, successors or assigns from their liability hereunder, notice to the Surety for any such alterations, extension or forbearance being hereby waived.
Any party, whether a subcontractor or otherwise, who furnished materials or supplies or performs labor or services in the prosecution of the work under said Contract, and who is not paid therefore, may bring a suit on this Bond in the name of the person suing, prosecute the same to a final judgment and have the execution thereon for such sum as may be justly due.
L&MPB FORM
IN WITNESS WHEREOF, the above-bounded parties have executed this instrument under their several seals this day of , 20 , the name and corporate seal of each corporate party being hereto affixed and these presents signed by its undersigned representative, pursuant to authority of its governing body.
(Corporate Principal)
Attest:
(Business Address) Affix By Corporate Seal
(Corporate Surety)
Attest:
(Business Address)
Affix By Corporate Seal
Countersigned by
Attorney-in-Fact, State of , Power-of- Attorney for person signing for Surety Company must be attached to Bond.
PB Form
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
| That | as Principal, hereinafter | |||
| called Contractor, and | as Surety, hereinafter called Surety, are held and firmly bound unto | as Obligee, hereinafter called Owner, in the amount of | ||
| Dollars ($ | ), for payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. |
WHEREAS, Contract has by written agreement dated entered into a Contract with Owner for which Contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
NOW, THEREFORE, the condition of this obligation is such that, if Contractor shall promptly and faithfully perform said Contract, including such remedial work as may be required under the guaranty during the period of guaranty and shall certify in writing that all wages paid under said Contract to any mechanic, laborer or workman were equal to the rates or wages customary or then prevailing for the same trade or occupation in Connecticut, then this obligation shall be null and void, otherwise it shall remain in full force and effect.
The Surety hereby waives notice of any alteration or extension of time made by the Owner.
Whenever Contractor shall he, and declared by Owner to be in default under the Contract, the Owner having performed Owner’s obligations thereunder, the Surety may promptly remedy the default or shall promptly:
(1) Complete the Contract in accordance with its terms and conditions, by another Contractor acceptable to the Owner, said other Contractor to act as an agent for the Surety, or
(2) Obtain a Bid or Bids for submission to the Owner for completing the Contract in accordance with its terms and conditions, and upon determination by the Owner and Surety of the lowest responsible Bidder, arrange for a Contract as work progresses (even though there should be a default or a succession of defaults under the Contract or Contracts 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 amount set forth in the first paragraph hereof. The terms “balance of the contract price” , as used in this paragraph, shall mean the total amount payable by the Owner to the Contractor under the Contract and any amendments thereto, less the amount properly paid by the Owner to the Contractor.
Unless otherwise required by law, any suit under this Bond must be instituted before the expiration of one (1) year from the date on which the guaranty period under the Contract expires.
No right of action shall accrue on this Bond to or for the use of any person or corporation other than the Owner named herein or the heirs, executors, administrators and successors of the Owner.
PB Form
IN WITNESS WHEREOF, the above-bounded parties have executed this instrument under their several seals this day of , 20 , the name and corporate seal of each corporate party being hereto affixed and these presents signed by its undersigned representative, pursuant to authority of its governing body.
No extension of time or other modification of this Bid Bond shall be valid unless agreed in writing by the parties to this Bond.
(Corporate Principal)
Attest:
(Business Address) Affix By Corporate
(Corporate Surety)
Attest:
(Business Address)
Affix By Corporate Seal
Countersigned by
Attorney-in-Fact, State of , Power-of- Attorney for person signing for Surety Company must be attached to Bond.
CERTIFICATE AS TO CORPORATE PRINCIPAL
| I, | certify that I am the | |||
| , of the Corporation named as Principal in the within bond; that | who signed the said bond on behalf of the Principal was then the | of said corporation; that I know his signature, and his signature thereto is genuine; and that said bond was duly signed, sealed, and attested to for and in behalf of said corporation by authority of this governing body. |
Affix Corporate
Title
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