PERFORMANCE_BOND.pdf
PDF 141 KB Posted
- Attached to
- Goshen Fire Station Roof Replacement
- Solicitation number
- IFB# 24-008
- Issued by
- New London County, Connecticut
About this file
This is a Performance Bond template document applicable to the Town of Waterford, Connecticut's Invitation to Bid #24-008 for roof replacement services at the Goshen Fire Station located at 63 Goshen Road. The bond secures the contractor's obligation to complete the flat roofing replacement project covering approximately two-thirds of the facility's roof system using Ketone Ethylene Ester (KEE) roofing material rated for high winds and storms in compliance with Connecticut Building Code standards. The scope of work includes removal of loose debris, inspection of decking and framing, permit procurement and scheduling inspections with the Town Building Department, removal and reinstallation of existing gutters, and site cleanup with removal of job-related debris. The bid submission deadline is September 10, 2024, at 1:00 pm, with an anticipated project completion timeline of 120 consecutive calendar days following the Notice to Proceed. The template establishes the Principal (contractor), Surety (bonding company), and Owner (Town of Waterford) as parties to the performance guarantee, with the bond amount to be determined based on the contract value.
The performance bond requires the contractor to faithfully perform all contract duties, satisfy all claims and demands, and fully indemnify the Owner from costs and damages resulting from failure to perform. Bidders whose total bid exceeds $50,000 must provide 10% bid security. The contract includes a 5% retainage of the contract value, which will be released up to six months after successful project completion. Connecticut's prevailing wage law applies, with hourly rates ranging from approximately $20.70 to $64.01 plus additional benefits depending on worker classification. The Town reserves the right to award the contract to the lowest responsible bidder and has established a requirement that 25% of the state-funded contract portion be allocated to small, minority, women, and disabled-owned businesses. Contractors must provide comprehensive insurance and demonstrate compliance with OSHA safety standards, including completion of the 10-hour Construction Safety and Health Course for employees performing manual labor. A Schedule of Values must be submitted with the bid.
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Text version
PERFORMANCE BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________ hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________ of ______________________, State of _______________, (Surety) hereinafter called the “Surety”, are held and firmly bound unto ___________________________ (Owner) of ______________________________________________, hereinafter called “Owner”, in the penal sum of ____________________________________________________________Dollars ($__________________________) 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.
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