Performance_Bond.pdf

This document is an EJCDC® C-610 Performance Bond, copyright 2013, issued by the National Society of Professional Engineers, American Council of Engineering Companies, and American Society of Civil Engineers. The performance bond is specifically for the Town of Waterford, located at 15 Rope Ferry Road, Waterford, CT 06385. The bond is a legal instrument that binds the Contractor and Surety to the Owner, ensuring the performance of a Construction Contract.

The performance bond outlines the obligations and responsibilities of the Contractor, Surety, and Owner in the event of a Contractor Default. Key provisions include the Surety's actions after an Owner declares a Contractor Default, which may involve arranging for the Contractor to complete the work, undertaking completion themselves, obtaining bids from new contractors, or making payment to the Owner. The bond limits the Surety's liability to the bond amount and specifies that legal proceedings must be initiated within two years of a Contractor Default. The document also provides definitions for key terms such as Balance of the Contract Price, Contractor Default, and Contract Documents.