Performance_Bond.docx
DOCX document 27 KB Posted
- Attached to
- Bryant Street Community Center Access Control, Door Hardware, and ADA Automatic Door Operators
- Solicitation number
- IFB197260
- Issued by
- Santa Clara County, California
About this file
This is a Contractor's Performance Surety Bond template issued by the City of Palo Alto, California, establishing the requirements for performance bonds on public improvement projects within the city's jurisdiction. The bond secures the contractor's faithful performance of designated public improvements as outlined in the underlying agreement between the City and the Principal (contractor). The document establishes that the Principal must furnish a surety bond as a condition of contract performance, with the specific penal sum amount, agreement identification number, and effective dates to be completed at execution. The bond remains in effect throughout the duration of the underlying agreement and any alterations thereto, with no specific project timeline, site visit requirements, or award dates detailed in this template document itself.
The bond obligates both the Principal and the Surety, jointly and severally, to ensure faithful performance of all covenants, conditions, and provisions of the underlying agreement. The Surety remains liable for any liquidated damages for which the Principal may be liable, and the bond amount covers not only contract performance but also any costs, reasonable expenses, and attorney's fees incurred by the City in enforcing the bond obligations. The Surety waives notice of any changes, extensions of time, alterations, or additions to the agreement terms and waives the provisions of California Civil Code Sections 2845 and 2849. The bond requires notarization and signatures from both the Contractor/Principal and the Surety, with the notary certification acknowledging only the identity of signatories and not the truthfulness or validity of the underlying agreement.
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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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