PERFORMANCE_BOND.pdf
PDF 69 KB Posted
- Attached to
- Youngfield Street Beautification
- Solicitation number
- 25-025
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
The document is a Performance Bond for the City of Wheat Ridge, Colorado, associated with a CIPP Pipe Lining project. The Performance Bond is a standard legal instrument that guarantees the principal contractor will fulfill all contractual obligations for the project, including performance of duties, meeting contract terms, and providing a one-year guarantee period. The bond protects the Owner (City of Wheat Ridge) by ensuring the contractor will complete the work as specified and will satisfy all claims and demands related to the contract.
The Performance Bond does not specify the exact dollar amount of the bond, leaving that to be filled in, but requires the surety to cover any potential defaults or additional costs incurred by the Owner. The bond includes provisions that the surety agrees to the bond's terms even if there are changes, extensions, or alterations to the original contract. The surety must be listed on the Treasury Department's current list and authorized to do business in Colorado. The bond is designed to provide financial protection for the City of Wheat Ridge, ensuring the project will be completed according to the specified terms and standards.
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Text version
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor)
A hereinafter called "PRINCIPAL", and
(Name of Surety)
(Address of Surety) hereinafter called "Surety", are held and firmly bound unto the City of Wheat Ridge, 7500 West 29th Avenue, Wheat Ridge, Colorado 80033, 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, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the Owner, dated the day of , 2024, a copy of which is hereto attached and made a part hereof for the Project titled, [PROJECT NAME].
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 during the one year guarantee period, 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 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 to be performed or the Specifications accompanying the same shall in any wise 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.
*Insert "a corporation", "a partnership", or "an individual" as applicable.
IN WITNESS WHEREOF, this instrument is executed in one part, each of which shall be deemed an original, this the day of , 2024
ATTEST: PRINCIPAL
CORPORATE SECRETARY PRINCIPAL
ADDRESS BY
ADDRESS
(SEAL)
SURETY
ATTEST:
SURETY
ADDRESS BY (ATTORNEY IN FACT)
ADDRESS
Note: Date of Bond must not be prior to date of Contract. If Contractor is partnership, all partners should execute bond.
IMPORTANT: Surety companies executing bonds must appear on the Treasury Department's most current list (Circular 570, as amended) and be authorized to transact business in the State of Colorado.
PERFORMANCE BOND
File details come from the government source that posted it. Updated .