Performance_Bond.docx
DOCX document 30 KB Posted
- Attached to
- Wastewater SCADA System HMI Replacement
- Solicitation number
- 2026-RFP-006
- Issued by
- Greenville County, South Carolina
About this file
Performance Bond Summary
This is a Performance Bond document associated with Greenwood Metropolitan District's Wastewater SCADA System HMI Replacement project in South Carolina. The performance bond serves as a contractual guarantee that the selected contractor will fulfill all obligations and deliver the required services and system replacements as specified in the project scope. The bond protects the District by ensuring financial recourse should the contractor fail to complete the work or meet performance standards. Proposals for this project were required to be submitted via the District's eProcurement Portal at https://procurement.opengov.com/portal/gmdsc no later than 4:00 PM on Wednesday, September 23, 2026, with late submissions being rejected. The performance bond is a standard requirement for this capital improvement project and establishes the contractor's financial and performance accountability throughout the project duration.
The performance bond protects Greenwood Metropolitan District's interests by guaranteeing contractor performance and completion of the Wastewater SCADA System HMI Replacement project. As a requirement of the contract award, the successful proposer must obtain and maintain the performance bond for the entire contract term. The bond amount is typically calculated as a percentage of the total contract value and ensures that if the contractor defaults or fails to perform, the District has a financial remedy. This bonding requirement is standard for public works and capital improvement projects and demonstrates the contractor's financial stability and commitment to project completion. All contractors must comply with applicable South Carolina regulations and District requirements regarding bonding, insurance, and performance standards throughout the project lifecycle.
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Text version
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor) a _____________________________________________________, hereinafter called Principal and (Corporation, Partnership or Individual)
(Name of Surety)
(Address of Surety) hereinafter called Surety are held and firmly bound unto the
(Name of Owner)
(Address of Owner) hereinafter called OWNER, in the penal sum of
_______________________________________Dollars, ($_____________________________) in lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas the Principal entered into a certain contract with the OWNER, dated the ______________ day of ___________________, 20___, a copy of which is hereto attached and made a part thereof for:
_____________________________________________________________ (Project Description)
NOW, THEREFORE, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants, terms, conditions, and agreements of said contract during the original term thereof, and any extensions thereof which may be granted by the OWNER, with or without notice to the Surety and during the one-year guaranty period, and if he shall satisfy all claims and demands incurred under such contract, and shall fully indemnify and save harmless the OWNER from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay the OWNER all outlay and expense which the OWNER may incur in making good any default, then this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract or to the WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in any wise affect its obligation on this BOND, and it does hereby waive notice of any such change, extension of time, alteration, or addition to the terms of the contract of to the WORK or to the SPECIFICATIONS.
PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the right of any beneficiary hereunder whose claim may be unsatisfied.
IN WITNESS WHEREOF, this instrument is executed in four (4) counterparts, each one of which shall be deemed an original, this the _____________ day of _________________________, 20___.
| CONTRACTOR AS PRINCIPAL |
| SURETY |
| (Seal) |
(Seal)
Contractor's Name and Corporate Seal
Surety’s Name and Corporate Seal
| By: |
| By: |
Signature
Signature (Attach Power of Attorney)
Print Name
Print Name
Title
Title
| Attest: |
| Attest: |
Signature
Signature
Title
Title
NOTE: Date of BOND must not be prior to date of Contract. If CONTRACTOR is Partnership, all partners should execute BOND.
IMPORTANT: Surety companies executing BONDS must appear on the Treasury Department's most current list (Circular 570 as amended) and be authorized to transact business in the State where the PROJECT is located.
(End of Section)
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