PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Attached to
- Jordan Fire House HVAC design and build upgrades
- Solicitation number
- RFP# 26-016
- Issued by
- New London County, Connecticut
About this file
This is a Performance Bond form for the Town of Waterford, Connecticut, related to the Jordan Fire House HVAC design and build upgrades project at 89 Rope Ferry Road. The bond serves as a financial guarantee that the selected design-build contractor will faithfully perform all duties, undertakings, covenants, terms, conditions, and agreements outlined in the associated construction contract. The contractor must satisfy all claims and demands incurred under the contract, indemnify the Town from costs and damages resulting from performance failures, and reimburse the Town for any expenses incurred in remedying defaults. The bond is executed in three counterparts and must be dated on or after the contract date.
The surety agrees that changes, extensions of time, alterations, or additions to contract terms or work specifications will not affect its obligation under the bond, and the surety waives notice of such modifications. The penal sum amount, surety name and location, contract date, specific work description, and signatory details remain to be completed on the form. No final settlement between the Town and contractor abridges 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 .