PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Solicitation number
- IFB# 26-011
- Issued by
- New London County, Connecticut
About this file
This is a performance bond template document associated with the Town of Waterford, Connecticut's Police Department Locker Room Renovations project. The performance bond serves as a financial guarantee that the selected contractor will complete all work according to the contract specifications and terms. The project scope includes selective demolition, removal of existing lockers and concrete bases, construction of new partitions and facilities (toilet rooms and showers), relocation of doors and access control systems, installation of new plumbing fixtures, toilet partitions, ceilings, lighting, ventilation, flooring, wall tile, counters and finishes, and all associated mechanical, electrical, fire-protection, and restoration work necessary to deliver fully operational locker room facilities. The contractor will coordinate with the locker supplier for electrical power requirements, though new lockers will be furnished and installed by others.
The performance bond requires the contractor to execute the bond simultaneously with contract execution, with the bond amount to be specified in the contract award documents. The surety company commits to guarantee faithful performance of all contract duties, covenants, terms, conditions, and agreements throughout the original contract term and any extensions granted by the Owner. The bond remains in effect regardless of any modifications, extensions, alterations, or additions to the contract terms or work specifications, with the surety waiving notification of such changes. The document must be executed in three counterparts and signed by authorized representatives of both the principal (contractor) and surety, with execution date required to be no earlier than the contract date.
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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 .