PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Attached to
- Auditorium Meeting Room Audio Upgrades
- Solicitation number
- GEN# 24-013
- Issued by
- New London County, Connecticut
About this file
The document is a Performance Bond template for a contract related to the Auditorium Meeting Room Audio Upgrades project for the Town of Waterford, Connecticut. The Performance Bond serves as a financial guarantee that the principal contractor will fulfill all contractual obligations for the audio equipment installation project, ensuring proper performance, payment of claims, and protection of the owner's interests. The bond covers the contractor's duties during the original contract term and any extensions, with the surety agreeing to remain liable even if changes are made to the contract terms.
The Performance Bond does not specify exact pricing, but it establishes a financial mechanism to protect the Town of Waterford's interests in the audio upgrades project. The bond is designed to provide financial recourse if the contractor fails to complete the work as specified, with the surety responsible for compensating the owner for any defaults or unmet contractual obligations. The document includes provisions for the bond to remain in effect through contract completion, and it waives the surety's right to notice of any contract modifications, ensuring continuous coverage for the project.
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Other files
| File | Type | Posted |
|---|---|---|
| the_auditorium_speaker_layout.jpg | JPG image | |
| Payment_Bond.pdf |
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Text version
PERFORMANCE BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________ hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________ of ______________________, State of _______________, (Surety) hereinafter called the “Surety”, are held and firmly bound unto ___________________________ (Owner) of ______________________________________________, 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, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that Whereas, the Principal entered in a certain contract with the Owner, dated the ______ day of ____________________, 20__, a copy of which is hereto attached and made a part hereof for the construction of:
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 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 such 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 shall in any way 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 or 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 three (3) counterparts, each of which shall be deemed an original, this the _______ day of ____________________, 20__.
Principal
ATTEST:
_________________________________ By __________________________(S) (Principal) Secretary
(SEAL) ____________________________
(Address - Zip Code)
Witness as to Principal
(Address - Zip Code)
ATTEST: Surety
_________________________________ By __________________________(S) (Surety) Secretary Attorney-in-Fact
(SEAL) ____________________________
(Address - Zip Code)
Witness as to Surety
(Address - Zip Code)
NOTE: Date of Bond must not be prior to date of Contract. If Contractor is Partnership, all partners should execute Bond.
File details come from the government source that posted it. Updated .