Performance_Bond.pdf
PDF 23 KB Posted
- Attached to
- Sharp Park MTB Trail Project
- Solicitation number
- 2026-PARKS & RECREATION-032
- Issued by
- Kalamazoo County, Huntington Woods City, Michigan
About this file
This is a Performance Bond template issued by the City of Jackson, Michigan for use in construction contracts. The bond serves as a financial guarantee that a contractor will faithfully perform all work in accordance with contract specifications, drawings, conditions, and stipulations. The document establishes a binding agreement between the contractor as Principal, a Surety company, and the City of Jackson as the Owner, with the bond amount to be determined based on the specific contract value. The bond obligates the contractor to save the Owner harmless from public liability, damages, liens, and claims arising from contract performance and to complete all work in full compliance with project requirements.
The Performance Bond remains in effect even if the Owner grants contract modifications, extensions of time, or other forbearances, with notice to the Surety of any such changes being waived. The bond requires execution by authorized representatives of both the Principal and Surety, with the Surety's representative signing as Attorney-in-fact and providing a Power of Attorney attachment. This standard form bond protects the City of Jackson in the event of contractor default, non-performance, or failure to pay subcontractors and material suppliers, ensuring project completion and financial protection for the municipal entity.
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Text version
BOND NO.
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS, that we, _______________________________ Contractor, as Principal, and as Surety, are held and firmly bound unto THE CITY OF JACKSON, MICHIGAN, 161 West
Michigan Avenue, Jackson, Michigan 49201, Owner, in the sum of (___________________) to be paid to the Owner for which payment well and truly be made we jointly and severally bind ourselves, our heirs, executors, administrators, and assigned firmly by these presents.
THE CONDITION OF THE ABOVE OBLIGATIONS ARE such that, WHEREAS, the said ______________________________ (CONTRACTOR) did, on the ____________day of _____________________, _______, enter into a certain contract with the said Owner for the __________________________________________ in accordance with drawings, specifications, conditions and stipulations prepared by which said contract, drawings, specifications, conditions and stipulations are by reference made a part hereof as if fully set out herein, and is hereinafter referred to as the Contract.
NOW, THEREFORE, the condition of the foregoing obligation is such that, if the said Contractor shall save harmless the said Owner from all public liability and damages of every description in connection with the Contract, shall well and faithfully in all things fulfill the Contract according to all the drawings, specifications, conditions and stipulations therein contained in all respects, and shall save and hold harmless the said Owner from and against all liens and claims of every description in connection with the Contract, then this obligation shall be void and of no effect; but otherwise, it shall remain in full force and virtue;
B-1
Jackson Performance Bond (Page 1 of 2)
AND PROVIDED, that any alterations which may be made in the terms of said Contract, or in the work be done under it, or in the event that the said Owner shall grant any extension of time for the performance of said contract or otherwise modify any elements of the Contract, or any forbearance on the part of either party to the other shall not in any way release the Principal and Surety, or either of them, their heirs, executors, administrators, successors or assigns, from any liability hereunder, notice to the Surety of any such alterations, modifications, extension or forbearance being hereby waived.
WITNESS our hands and seals this ___________ day of ___________, _______.
WITNESS:
Principal
By
Title
WITNESS:
Surety
By Attorney-in-fact
ATTACH POWER OF ATTORNEY
B-2 Jackson Performance Bond (Page 2 of 2)
File details come from the government source that posted it. Updated .