Performance_Bond.docx
DOCX document 21 KB Posted
- Solicitation number
- 26-020
- Issued by
- Washington County, Barlow City, Oregon
About this file
This is a Performance Bond template document issued by the City of Beaverton for construction projects. The bond serves as a guarantee that the awarded contractor will faithfully perform all covenants and obligations specified in the underlying construction contract. The bond requires the principal contractor and a surety company to guarantee performance of work in accordance with contract terms, specifications, and timelines. The bond amount must equal no less than 100 percent of the estimated contracted cost of the work. The surety agrees that any changes, extensions of time, alterations, or additions to the contract terms, work specifications, or work performed will not affect its obligations on the bond, and the surety waives notice of such modifications. The document includes signature blocks for authorized representatives of both the contractor and the surety company, with the surety's signatory required to certify authorization from the Board of Directors if the surety is a corporation.
The template contains blank fields for completion including the bond number, principal contractor name, contract date, project description, penal sum amount in dollars and cents, surety company name, and signatures of authorized representatives. The bond serves as a standard protective mechanism for the City of Beaverton to ensure contractor performance and compliance with contractual obligations, with no pricing terms, set-asides, or specific project details embedded within the template itself.
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Text version
FAITHFUL PERFORMANCE BOND
BOND NO. ___________________
KNOW ALL MEN BY THESE PRESENTS that:
WHEREAS, the City of Beaverton, (“City”) has awarded to _____________________________ ("Principal") a certain contract dated the _____ day of _________, 20__, a copy of which is attached and incorporated herein for the construction of the CITY OF BEAVERTON _______________________________ PROJECT; and
WHEREAS, the Principal is required under the terms of said contract to furnish a Bond for the faithful performance of the contract;
NOW, THEREFORE, we, the Principal and __________________________________________ ____________________________________as surety, are held and firmly bound unto the City of Beaverton the penal sum of _________________________________________Dollars and ____________ Cents ($_________) lawful money of the United States, being not less than one hundred percent (100%) of the estimated contracted cost of the work, for the payment of which we bind ourselves, our heirs, executors, administrators and successors, jointly and severally.
The condition of this obligation is such that if above bound Principal shall perform the covenants, in that contract 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 City, its officers and agents as therein stipulated, then this obligation shall become null and void; if not, this obligation shall be and remain in full force and effect.
The surety, for value received, hereby agrees that no change, extension of time, alteration, or addition to the terms of the contract or to the work performed thereunder or the specifications accompanying the same shall in any way affect its obligations on this bond, and it hereby waives notice of any change, extension of time, alteration, or addition to the terms of the contract or to the work or to the specifications.
The parties by the signature of their authorized representatives, signify that each has read this contract, understands its terms, and agrees to be bound thereby.
CONTRACTOR:
BY ____________________________________________________
TITLE __________________________________________________
Principal
(If surety is a corporation): I certify that I am authorized by the Board of Directors to enter into this contract on behalf of the corporation and bind the corporation to its terms.
SURETY COMPANY:
BY ____________________________________________________
TITLE __________________________________________________
Attorney-in-fact
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