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 document issued by the City of Beaverton, Oregon, for use in conjunction with public works construction contracts. The bond is required to guarantee that the principal contractor will faithfully perform all covenants and obligations specified in the underlying construction contract. The bond amount must equal a minimum of 100 percent of the estimated contracted cost of the work. For the Parkview Loop Waterline Replacement project (ITB #26-060), the estimated project cost ranges from $1,700,000 to $1,800,000, meaning the performance bond requirement would be at least $1,700,000. A non-mandatory pre-bid conference is scheduled for March 31, 2026, at 10:00 a.m. via Zoom, written questions must be submitted by April 14, 2026, at 5:00 p.m., and bids are due electronically by April 21, 2026, at 2:00 p.m. with virtual bid opening. The anticipated Notice to Proceed is July 6, 2026, with substantial completion required by October 30, 2026.
The surety company executing the bond waives notice of any changes, extensions of time, alterations, or additions to the contract terms, work specifications, or project scope and agrees that such modifications will not affect its bonding obligations. The bond is structured as a joint and several obligation binding the principal contractor and surety company to the City of Beaverton and becomes null and void only upon satisfactory completion of all contract work and full indemnification of the City. The successful contractor must also furnish a Labor and Material Payment Bond, maintain specified insurance coverage, obtain a City business license, submit monthly certified payroll statements, and comply with prevailing wage requirements under both Oregon state law (ORS 279C.800-279C.875) and the federal Davis-Bacon Act. The City reserves the right to reject any or all bids and award the contract to the lowest responsible bidder, with contract termination possible for breach with seven days' written notice and opportunity to cure, or for convenience with seven days' notice.
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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 | ||
| 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 | |
| BLANK_Sole_Source_Justification_Form.pdf | ||
| Laws_to_be_Observed.docx | DOCX document | |
| Notice_to_Proceed.docx | DOCX document | |
| Construction_Contract_-_Sample.docx | DOCX document | |
| Performance_Bond.docx | DOCX document | |
| Locates.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
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