PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Attached to
- Oswegatchie Fire House -New Construction
- Solicitation number
- IFB# 26-004
- Issued by
- New London County, Connecticut
About this file
This is a Performance Bond form template applicable to the Town of Waterford, Connecticut's construction project for a new Oswegatchie Fire Station. The bond serves as a financial guarantee that the selected contractor will faithfully perform all duties, undertakings, covenants, terms, conditions, and agreements specified in the construction contract dated through the original term and any extensions granted by the Owner. The bond protects the Town by ensuring the contractor satisfies all claims and demands incurred under the contract and fully indemnifies the Town from all costs and damages resulting from contractor default. The surety agrees that no changes, extensions of time, alterations, or additions to contract terms or work shall affect its obligation on the bond, and it waives notice of any such modifications. The bond must be executed in three counterparts and dated no earlier than the contract date, with signatures required from both the principal contractor (or all partners if a partnership) and the surety's authorized representative.
The Performance Bond amount equals the full contract value and is required when the total contract value exceeds specified thresholds, as established in the competitive bid process. The bond provides the Town of Waterford with recourse against both the contractor and the surety company for any failure to complete the 9,988 square-foot fire station construction within the specified 396 consecutive calendar days or for non-compliance with prevailing wage requirements, small and minority-owned business set-asides (minimum 25 percent of state-funded contract value), insurance requirements, and all applicable Connecticut General Statutes and building codes. Any beneficiary with an unsatisfied claim retains rights under the bond even after final settlement between the Town and contractor, ensuring comprehensive protection for the municipality and any subcontractors or suppliers involved in the project.
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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 .