Performance_Bond.docx
DOCX document 27 KB Posted
- Attached to
- Gas Main Replacement Project 25
- Solicitation number
- IFB194217
- Issued by
- Santa Clara County, California
About this file
This is a Contractor's Performance Surety Bond template for the City of Palo Alto, California, establishing the legal framework for performance security related to the Gas Main Replacement Project 25. The bond requires the contractor to provide surety coverage equal to 100% of the contract sum to guarantee faithful performance and completion of the designated public improvements. The bond secures the contractor's obligations to install and complete the gas main replacement project, including all covenants, conditions, and provisions outlined in the underlying agreement. The surety agrees that no changes, extensions of time, alterations, or additions to the agreement terms, work specifications, or project scope shall affect its obligations under the bond, and expressly waives notice of any such modifications. The bond remains in full force and effect until the contractor satisfactorily completes all work and fulfills all contractual obligations.
The bond obligates the surety to cover not only the principal contract amount but also liquidated damages for which the principal may be liable, as well as all costs, reasonable expenses, and attorney fees incurred by the City in enforcing the bond obligations. For the Gas Main Replacement Project 25, liquidated damages are set at $4,600 per day for unexcused delays. The surety waives California Civil Code Sections 2845 and 2849, limiting the surety's defenses and protections. The bond must be executed by both the contractor and the surety, with the surety being an entity incorporated under California law and authorized to transact business as an admitted surety in California. The document includes a Certificate of Acknowledgment section requiring notarization to verify the identity of signatories executing the performance bond.
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Text version
CONTRACTOR’S PERFORMANCE SURETY BOND
WHEREAS, the City Council of the City of Palo Alto, State of California (“City”) and , (“Principal”) have entered into an agreement dated , and identified as , which is hereby referred to and made a part hereof whereby Principal agrees to install and complete certain designated public improvements; and
WHEREAS, Principal is required under the terms of said agreement to furnish a surety bond for the faithful performance of said agreement.
NOW, THEREFORE, Principal and _______________________________________________, as Surety, incorporated under the Laws of the State of , and duly authorized to transact business as an admitted surety, under the Laws of the State of California, are held and firmly bound unto City in the penal sum of dollars ($ ), for the payment whereof Principal and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.
The condition of this obligation is such that if the Principal, Principal’s heirs, executors, administrators, successors, or assigns shall promptly and faithfully keep and perform the covenants, conditions, and provisions of the above-mentioned agreement and any alteration thereof, with or without notice to the Surety, and if Principal shall satisfy all claims and demands incurred under such agreement and shall fully protect, indemnify, defend, and hold harmless City, its officers, agents, and employees from all claims, demands, or liabilities which may arise by reason of Principal’s failure to do so, and shall reimburse and repay City all outlay and expenses which City may incur in making good any default, then this obligation shall be null and void; otherwise, it shall remain in full force and effect.
As part of the obligations secured hereto, 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 City in successfully enforcing such obligations, all to be taxed as costs and included in any judgment rendered. Surety shall be liable for any liquidated damages for which the Principal may be liable under its agreement with the City, and such liquidated damages shall be part of the obligations secured hereto, and in addition to the face amount specified therefore.
The Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the agreement or to the work to be performed thereunder or the specifications accompanying the same, shall in any way affect its obligations on this security, and it does hereby waive notice of any such change, extension of time, alteration, or addition to the terms of the agreement or to the work or to the specifications. Surety hereby waives the provisions of California Civil Code Section 2845 and 2849. The City is the principal beneficiary of this bond and has all rights of a party hereto.
IN WITNESS WHEREOF, this instrument has been duly executed by the Principal Surety above named on _______________, 20_____.
_______________ Phone Number: ______ Name of Surety
Signature of Surety
| By: | Its: |
| Typed or Printed Name | Title |
Name of Contractor/Principal
Signature of Contractor/Principal
| By: | Its: |
| Typed or Printed Name | Title |
CERTIFICATE OF ACKNOWLEDGMENT
(Civil Code § 1189) A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document
| STATE OF | ) |
| COUNTY OF | ) |
| On | , before me, | , a notary public in and for said County, personally appeared | , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. |
| I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true and correct. |
WITNESS my hand and official seal.
(Seal)
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