Performance_Bond.docx
DOCX document 21 KB Posted
- Solicitation number
- 27-009
- Issued by
- Washington County, Barlow City, Oregon
About this file
This is a Faithful Performance Bond template required by the City of Beaverton, Oregon for the Erickson Avenue Waterline Replacement project (2nd Street to 5th Street). The bond serves as a guarantee that the awarded contractor will faithfully perform all covenants and obligations specified in the underlying construction contract. The project involves replacing approximately 1,060 linear feet of 1940s-era 8-inch cast iron water main with new ductile iron piping, including 1,020 feet of 12-inch pipe and 40 feet of 8-inch pipe, along with two system connections, one fire hydrant assembly, two water services, and associated valves and fittings. The work will be conducted within the roadway in a residential area adjacent to Beaverton High School, which is currently undergoing renovations, requiring the contractor to coordinate with the school site contractor to maintain access throughout construction.
The performance bond must be executed by the contractor as principal and a surety company as co-obligor in a penal sum equal to not less than one hundred percent (100%) of the estimated contracted cost of the work. The bond remains in full force and effect unless the principal performs all contract covenants at the specified times and in the manner prescribed, and indemnifies and saves harmless the City, its officers, and agents as stipulated. The surety waives notice of any changes, extensions of time, alterations, or additions to the contract terms, work performed, or specifications. The bond requires authorization signatures from the contractor's authorized representative and the surety company's attorney-in-fact.
View the file
Other files
| File | Type | Posted |
|---|---|---|
| Erickson_Ave_Waterline_Replacement_(2nd_St_to_5th_St).pdf | ||
| G_-_Construction_Plans.pdf | ||
| Laws_to_be_Observed.docx | DOCX document | |
| Construction_Contract_-_Sample.docx | DOCX document | |
| Locates.docx | DOCX document | |
| Notice_to_Proceed.docx | DOCX document | |
| LABOR_AND_MATERIAL_PAYMENT_BOND.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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