Performance_Bond.docx
DOCX document 21 KB Posted
- Attached to
- SW Juniper Terrace Waterline Improvements
- Solicitation number
- 26-079
- Issued by
- Washington County, Barlow City, Oregon
About this file
This is a Faithful Performance Bond document for the City of Beaverton, Oregon, related to the SW Juniper Terrace Waterline Improvements project. The bond is required to guarantee the contractor's faithful performance of the construction contract for water infrastructure replacement in the Juniper Terrace neighborhood. The bond amount must be no less than 100 percent of the estimated contracted cost of the work. The Principal (contractor) and the surety company are jointly and severally bound to the City of Beaverton to ensure performance of all covenants, conditions, and specifications outlined in the underlying construction contract. The bond obligates both parties to indemnify and hold harmless the City, its officers, and agents as stipulated in the contract terms.
The surety waives notice of any changes, extensions of time, alterations, or additions to the contract terms, work specifications, or work performed. The bond becomes null and void upon successful completion and performance of the contract in accordance with its terms and conditions. Both the contractor and surety company must execute the bond through authorized representatives, with the surety providing written certification from an attorney-in-fact or authorized corporate officer. This performance bond serves as a financial guarantee protecting the City's interests in the completion of the waterline improvements project, which involves the replacement of approximately 3,500 feet of aging water mains, residential service lines, and hydrants throughout the Juniper Terrace neighborhood.
View the file
Other files
| File | Type | Posted |
|---|---|---|
| SW_Juniper_Terrace_Waterline_Improvements_(Addendum_#1_Revision).pdf | ||
| SW_Juniper_Terrace_Waterline_Improvements.pdf | ||
| Juniper_Terrace_Waterline_Replacement_Bid_Set_Flat.pdf | ||
| Construction_Contract_-_Sample.docx | DOCX document | |
| LABOR_AND_MATERIAL_PAYMENT_BOND.docx | DOCX document | |
| Laws_to_be_Observed.docx | DOCX document | |
| BLANK_Sole_Source_Justification_Form.pdf | ||
| Locates.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
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