Performance_Bond.pdf

Signature of Surety (ies) representative must be notarized. Attach certificate of notarization to this document.

Name of Surety (ies) Company must be typed or stamped above signature line of surety (ies) representative.

FAITHFUL PERFORMANCE BOND

BOND NO.

(The premium charged on this bond is $__________, being at the rate of $____________ per thousand of the Contract price.)

WHEREAS, the COUNTY OF ORANGE, a political subdivision of the State of California (“County”), entered into a contract dated_____________, hereinafter called (“Contract”) with

(Name and Address of Contractor) hereinafter called “Principal,” for the work described as follows:

; and

WHEREAS, said Principal is required under the terms of said Contract to furnish a bond for the faithful performance of said Contract.

NOW, THEREFORE, WE, the Principal, and

(Name and Address of Surety) duly authorized to transact business under the laws of the State of California, as Surety, hereinafter called

“Surety,” are held and firmly bound jointly and severally liable unto County in the penal sum of _______ and 00/100s Dollars ($ ), lawful money of the United States, for the payment of which sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

BOND NO. _______________________

County of Orange

THE CONDITION OF THIS OBLIGATION is such that, if the Principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to, and abide by, and well and truly keep and perform the covenants, conditions and agreements in the said Contract, and in any alteration thereof made as therein provided, on his or its part to be kept and performed, at the time and in the manner therein specified, in all respects according to their true intent and meaning, and shall indemnify, defend with counsel approved in writing by County , and save harmless the County , its officers and agents, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and virtue. As part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included cost and reasonable expenses and fees incurred by County in successfully enforcing such obligation, all to be taxed as cost and included in any judgment rendered. And 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 to the specifications accompanying the same, shall in anywise affect its obligations 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, or to the work, or to the specifications.

IN WITNESS WHEREOF, we have hereunto set our hands and seals this ____ day of ____________.

APPROVED AS TO SURETY AND LIMITS CONTRACTOR

By

CEO/Risk Management Name & Title (see footnote)

APPROVED AS TO FORM

Office of the County Counsel Orange County, California

Name & Title (see footnote)

By

SURETY

Dated

Deputy

Footnote: Pursuant to the requirements of California Corporations Code section 313, one of the following two methods must be used by a corporation when it enters into a contract with the County:

1) Two people must sign the document. One of them must be the chairman of the board, the president or any vice president. The other must be the secretary, any assistant secretary, the chief financial officer or any assistant treasurer.

2) One corporate officer may sign the document, providing that written evidence of the officer’s authority to bind the corporation with only his or her signature must be provided. This evidence would ideally be a corporate resolution.

Signature of Surety representative must be notarized. Attach certificate of notarization to this document. Name of Surety Company must be typed or stamped above signature line of surety representative.