PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Attached to
- Community Center IT Room AC Replacement
- Solicitation number
- IFB# 26-010
- Issued by
- New London County, Connecticut
About this file
This is a Performance Bond document for a construction contract with the Town of Waterford, Connecticut for an AC replacement project at the Waterford Community Center IT data room. The bond serves as a financial guarantee that the contractor will faithfully perform all duties, undertakings, covenants, terms, conditions, and agreements specified in the associated contract. The bond covers the complete scope of work including removal and replacement of the existing ductless split air-conditioning system, installation of a new indoor cassette fan coil unit and outdoor condensing unit, new refrigerant piping, condensate pump and drainage systems, equipment supports, electrical disconnects, power and communication wiring, controls, and associated roof penetrations and flashing. The contractor is responsible for completing all necessary electrical and mechanical connections, engaging a licensed Sarnafil roofing contractor to repair roofing affected by the work, testing the new system, and placing it into full operation.
The performance bond requires the surety to remain obligated regardless of any changes, extensions of time, alterations, or additions to the contract terms or work specifications, with the surety waiving notice of such modifications. The bond is executed in three counterparts and must be dated no earlier than the contract date. The penal sum amount, contractor name, surety information, owner details, and specific contract reference dates are to be filled in upon execution. The bond protects the Town of Waterford from costs and damages resulting from contractor default and ensures reimbursement for any expenses incurred by the owner in remedying failures to perform. No final settlement between the owner and contractor shall diminish the rights of any beneficiary with an unsatisfied claim under the bond.
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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 .