Performance and Payment Bond Templates.pdf

Performance Bond No: __________________

CITY OF OCEANSIDE CONTRACT DOCUMENTS

PERFORMANCE BOND

PROJECT: (Project Name) (Project Number)

KNOW ALL PERSONS BY THESE PRESENTS:

WHEREAS, AGENCY has awarded and CONTRACTOR is about to execute a Public Works Agreement for the above referenced Project (“Contract”) and the terms thereof, which are incorporated herein by reference, require the furnishing of a bond with said Contract providing for the faithful performance of said contract by the CONTRACTOR.

NOW, THEREFORE, WE, (Contractor’s Name), as CONTRACTOR, and , as Surety, are held and firmly bound unto the City of Oceanside, as AGENCY, in the penal sum of _____________________ dollars, ($__________________), lawful money of the United States of America, said sum being one hundred percent (100%) of the estimated amount payable by AGENCY under the terms of the Contract, for payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally, firmly by these presents.

The condition of this obligation is such that if the above bounded CONTRACTOR shall in things stand to and abide by, and well and truly keep and perform the covenants, conditions and agreements in the said Contract and any alteration thereof made as therein provided on its part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the AGENCY, it officers and agents, as therein stipulated, then this obligation shall become null and void; otherwise it shall remain in full force and effect in favor of AGENCY.

As part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney’s fees, incurred by the AGENCY in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered.

(Project Name) Performance Bond No. _____

The Surety hereby stipulates and agrees, for value received, that no alterations in the work to be done, materials to be furnished, or time for completion made pursuant to the terms of the contract shall in any way affect the Surety of its obligations on this bond, and notice of any such alterations is hereby waived by Surety.

IN WITNESS WHEREOF, the undersigned represent and warrant that they have the right, power, legal capacity and authority to enter into and execute this document on behalf of the above bounden CONTRACTOR and Surety, and have set their names, titles, and signatures hereon this _______ day of ________________, 20__.

Contractor Surety

Name Name

By By

Address Address

Telephone Number Telephone Number

NOTARY ACKNOWLEDGEMENTS OF CONTRACTOR AND SURETY MUST BE

ATTACHED.

Payment Bond No: __________________

CITY OF OCEANSIDE CONTRACT DOCUMENTS

PAYMENT BOND

KNOW ALL PERSONS BY THESE PRESENT:

WHEREAS, AGENCY has awarded and CONTRACTOR is about to execute a Public Works Agreement for the above reference Project (“Contract”) and the terms thereof, which are incorporated herein by reference, require the furnishing of a payment bond upon the terms and conditions set forth herein.

NOW, THEREFORE, WE, (Contractor’s Name) as CONTRACTOR, and, as Surety, are held and firmly bound unto the City of Oceanside, as AGENCY, in the penal sum of ____________________ dollars, ($_______________), lawful money of the United States of America, said sum being one hundred percent (100%) of the estimated amount payable by AGENCY under the terms of the Contract, for payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, and successors, jointly and severally, firmly by these present.

The condition of this obligation is such that if the CONTRACTOR or any of its subcontractors shall fail to pay for any materials, provisions, provender or other supplies or teams used in, upon, for or about the performance of the work contracted to be done;

or for any work or labor thereon of any kind, or for amounts due under the Unemployment Insurance Code with respect to work or labor performed under the contract, or for any amounts required to be deducted, withheld, and paid over to the Employment Development Department from the wages of employees of the CONTRACTOR and subcontractors pursuant to Section 13020 of the Unemployment Insurance Code, with respect to such work and labor that the surety will pay for the same, and also, in case suit is brought upon the bond, a reasonable attorney’s fee, to be fixed by the court. This bond shall inure to the benefit of any of the persons named in Civil Code Section 8004 so as to give a right of action to such persons or their assigns in any suit brought upon the bond.

It is further stipulated and agreed that the Surety on this bond shall not be exonerated or released from the obligation of this bond by any change, extension of time for performance, addition, alteration or modification in, to, or of any of the Contract Documents pertaining or relating to any scheme or work of improvement hereinabove described or pertaining or relating to the furnishing of labor, materials, or equipment therefore, nor by any change or modification of any terms of payment or extension of the time for any payment pertaining or relating to any scheme of work of improvement hereinabove described, nor by any rescission or attempted rescission of the contract, agreement or bond, nor by any conditions precedent or subsequent in the bond attempting to limit the right of recovery of claimants otherwise entitled to recover under the Contract Documents or under this bond, nor by any fraud practiced by any person other than the claimant seeking to recover on the bond, and that this bond be construed most strongly against the Surety and in favor of all persons for whose benefit such bond is given, and under no circumstances shall Surety be released from liability to those for whose benefits such bond has been given, by reason of any breach of contract between the AGENCY and CONTRACTOR, and that Surety does hereby waive notice of any such change, extension of time, addition, alteration or modification herein mentioned.

IN WITNESS WHEREOF, the undersigned represent and warrant that they have the right, power, legal capacity and authority to enter into and execute this document on behalf of the above bounden CONTRACTOR and Surety, and have set their names, titles, and signatures hereon this _________ day of ________________, 20__.

PROJECT: (Project Name)

Contractor Surety

Name Name

Telephone Number Telephone Number

NOTARY ACKNOWLEDGEMENTS OF CONTRACTOR AND SURETY MUST BE

ATTACHED.