Performance_Bond.docx
DOCX document 21 KB Posted
- Attached to
- Parkview Loop Waterline Replacement
- Solicitation number
- 26-060
- Issued by
- Washington County, Barlow City, Oregon
About this file
This is a Faithful Performance Bond template issued by the City of Beaverton, Oregon, required as a contractual obligation for the Parkview Loop Waterline Replacement project. The bond is mandated under the contract terms to ensure the principal contractor's faithful performance of all covenants and obligations specified in the underlying construction agreement. The bond amount must equal a minimum of 100 percent of the estimated contracted cost of the work and serves to indemnify and protect the City, its officers, and agents from non-performance or breach of contract duties.
The surety company executing the bond assumes joint and several liability with the principal contractor and agrees that any changes, extensions of time, alterations, or additions to the contract terms or work specifications shall not affect its obligations under the bond. The surety waives notice of any such modifications. The bond remains in full force and effect until the principal satisfactorily performs all contract covenants and conditions as specified in the underlying construction agreement, at which point the obligation becomes null and void. Both the contractor and surety company must execute the bond through their authorized representatives, with corporate sureties required to provide certification from their Board of Directors or an Attorney-in-fact demonstrating authority to bind the corporation.
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Other files
| File | Type | Posted |
|---|---|---|
| Parkview_Loop_Waterline_Replacement_(Addendum_#2_Revision).pdf | ||
| Parkview_Loop_Waterline_Replacement_(Addendum_#2_Revision).pdf | ||
| Parkview_Loop_Waterline_Replacement_-_Bid_Set_Plans.pdf | ||
| Parkview_Loop_Waterline_Replacement_-_Bid_Set_Plans.pdf | ||
| Construction_Contract_-_Sample.docx | DOCX document | |
| Locates.docx | DOCX document | |
| LABOR_AND_MATERIAL_PAYMENT_BOND.docx | DOCX document | |
| Laws_to_be_Observed.docx | DOCX document | |
| Construction_Contract_-_Sample.docx | DOCX document | |
| Locates.docx | DOCX document | |
| Notice_to_Proceed.docx | DOCX document | |
| BLANK_Sole_Source_Justification_Form.pdf | ||
| LABOR_AND_MATERIAL_PAYMENT_BOND.docx | DOCX document | |
| Performance_Bond.docx | DOCX document | |
| BLANK_Sole_Source_Justification_Form.pdf | ||
| Laws_to_be_Observed.docx | DOCX document | |
| Notice_to_Proceed.docx | DOCX document |
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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
File details come from the government source that posted it. Updated .