PERFORMANCE BOND.pdf
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- Attached to
- TO ATTACH ADDENDUM #2
- Solicitation number
- ARFQ 0512 MMB2500000005 3
- Issued by
- Cabell County, West Virginia
About this file
This is a Performance Bond template document used in state and local contracting to ensure contractor compliance with contract obligations. The bond establishes a binding agreement between the contractor (principal), a surety company, and the project owner (obligee), whereby the surety guarantees the contractor's faithful performance of the work specified in the underlying contract.
The bond requires the contractor to promptly and faithfully perform all contract work in accordance with the specified terms, drawings, and conditions. Should the contractor default, the surety is obligated to either remedy the default or complete the contract in accordance with its terms and conditions while saving the owner harmless from claims, judgments, or liens. The document includes detailed acknowledgment sections requiring notarization for principals that are individuals, partnerships, or corporations, as well as for the surety. Additionally, a certified Power of Attorney must be attached demonstrating the surety representative's authority to execute the bond on the signature date. The bond amount is specified in dollars and is structured as a joint and several obligation binding the contractor and surety to performance. The document emphasizes that no right of action accrues to any party other than the named owner or the owner's successors, establishing the bond as a protective instrument exclusively benefiting the project owner.
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Text version
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That as Principal, hereinafter called Contractor, and
(Contractor name, complete address including ZIP Code and legal title)
(Surety name and complete address including ZIP Code) a corporation organized and existing under the laws of the State of , with its principal office in the City of as Surety, hereinafter called Surety, are held firmly bound unto
(Owner name, complete address including ZIP Code and legal title) as Obligee, hereinafter called Owner, in the amount of
Dollars ( ), for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.
WHEREAS, Contractor has by written agreement dated entered into a contract with Owner for in accordance with drawings and specifications prepared by which contract is by reference made a part hereof, and is hereinafter referred to as the CONTRACT.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that if Contractor shall, promptly and faithfully Perform and CONTRACT, then this obligation shall be null and void, otherwise it shall remain in full force and effect.
The Surety hereby waives notice of any alteration or extension of time made by the Owner.
Whenever Contractor shall be, and declared by Owner to be in default under the CONTRACT, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly:
1. Complete the CONTRACT in accordance with its terms and conditions, and
2. Shall save the Owner harmless from any claims, judgments, or liens arising from the Surety's failure to either remedy the default or to complete the CONTRACT in accordance with its terms and conditions in a timely manner.
No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the successors of
Owner.
Signed and sealed this *
Principal Corporate Seal day of 20 .
(Seal) (Contractor Name)
BY:
(Must be President, Vice President, Owner, Partner, Manager, Member, or other duly Authorized Agent)
(Seal)
Surety Corporate Seal
(Title)
(Surety)
NOTE: Please attach Power of Attorney.
BY: (Seal)
*Power of Attorney must be certified on this date or later.
NOTE: Applicable sections of attached acknowledgments must be completed and returned as part of the bond.
APPROVED AG 09-12-16
ACKNOWLEDGMENTS
Acknowledgment by Principal if individual or Partnership
1. STATE OF
2. County of to-wit:
3. I, , a Notary Public in and for the
4. county and state aforesaid, do hereby certify that whose name is signed to the foregoing writing, has this day acknowledged the same before me in my said county.
5. Given under my hand this day of 20
6. Notary Seal 7.
(Notary Public)
8. My commission expires on the day of 20
Acknowledgment by Principal if Corporation
9. STATE OF
10. County of to-wit:
11. I, , a Notary Public in and for the
12. county and state aforesaid, do hereby certify that
13. who as, signed the foregoing writing for
14. a corporation, has this day, in my said county, before me, acknowledged the said writing to be the act and deed of the said corporation.
15. Given under my hand this day of 20
16. Notary Seal
18. My commission expires on the day of
17.
(Notary Public)
Acknowledgment by Surety
19. STATE OF
20. County of to-wit:
21. I,
22. county and state aforesaid, do hereby certify that
, a Notary Public in and for the
23. who as, signed the foregoing writing for
24. a corporation, has this day, in my said county, before me, acknowledged the said writing to be the act and deed of the said corporation.
25. Given under my hand this day of 20
26. Notary Seal
28. My commission expires on the day of
27.
(Notary Public)
Sufficiency in Form and Manner of Execution Approved Attorney General
By:
This day of 20 .
(Deputy Attorney General)
ACKNOWLEDGMENT PREPARATION INSTRUCTIONS
1. IF PRINCIPAL IS AN INDIVIDUAL OR PARTNERSHIP, HAVE NOTARY COMPLETE LINES (1) THROUGH (8).
2. IF PRINCIPAL IS A CORPORATION, HAVE NOTARY COMPLETE LINES (9) through (18).
3. SURETY MUST HAVE NOTARY COMPLETE LINES (19) through (28).
4. Notaries must:
ACKNOWLEDGMENT BY PRINCIPAL, IF INDIVIDUAL OR PARTNERSHIP
1. Enter name of State.
2. Enter name of County.
3. Enter name of Notary Public witnessing transactions.
4. Enter name of principal covered by bond if individual or partnership. (Must be Owner or General Partner of Sole Proprietorship or Partnership)
5. Notary enters date bond was witnessed. Must be the same as or later than signature date.
6. Affix Notary Seal.
7. Notary affixes his/her signature.
8. Notary enters commission expiration date.
ACKNOWLEDGMENT BY PRINCIPAL IF CORPORATION
9. Enter name of State.
10. Enter name of County.
11. Enter name of Notary Public witnessing transactions.
12. Enter name of Corporate Officer signing bond.
13. Enter Title of Corporate Officer signing bond. (Must be President or Vice President of Corporation; Manager or Managing Member of Limited Liability
Company)
14. Enter name of Company or Corporation.
15. Notary enters date bond was witnessed. Must be the same as or later than signature date.
16. Affix notary Seal.
17. Notary affixes his/her signature.
18. Notary enters commission expiration date.
ACKNOWLEDGMENT BY SURETY
19. Enter name of State.
20. Enter name of County.
21. Enter name of Notary Public witnessing transactions.
22. Enter name of person having power of attorney to bind Surety Company.
23. Enter Title of person binding Surety Company.
24. Enter name of Insurance Company (Surety).
25. Notary enters date bond was witnessed. Must be the same as or later than signature date.
26. Affix Notary Seal.
27. Notary affixes his/her signature.
28. Notary enters commission expiration date.
POWER OF ATTORNEY INSTRUCTIONS
Power of attorney for surety must be attached showing that it was in full force and effect on signature date indicated on the face of the bond. A corporate seal must also be affixed to the Power of Attorney form.
a. Name of attorney in fact must be listed.
b. Power of Attorney may not exceed imposed limitations.
c. Certificate date, the signature date of bond must be entered.
d. Signature of authorizing official must be affixed. (Signature may be facsimile).
e. Seal must be affixed.
| a corporation organized and existing under: |
| the laws of the State of: |
| with its principal office in the City of: |
| as Surety hereinafter called Surety are held firmly bound unto: |
| as Obligee hereinafter called Owner in the amount of: |
| Dollars: |
| WHEREAS Contractor has by written agreement dated 1: |
| WHEREAS Contractor has by written agreement dated 2: |
| entered into a contract with Owner for: |
| in accordance with drawings and specifications prepared by 1: |
| Signed and sealed this: |
| day of: |
| Seal: |
| Title: |
| Surety: |
| 4 county and state aforesaid do hereby certify that: |
| 5 Given under my hand this: |
| day of_2: |
| 8 My commission expires on the: |
| day of_3: |
| 12 county and state aforesaid do hereby certify that: |
| 13 who as: |
| 15 Given under my hand this: |
| day of_4: |
| 18 My commission expires on the: |
| day of_5: |
| 22 county and state aforesaid do hereby certify that: |
| 23 who as: |
| 24: |
| 25 Given under my hand this: |
| day of_6: |
| 28 My commission expires on the: |
| day of_7: |
| Contractor Name, complete Address including ZIP code, and legal title: |
| Surety Name and complete Address including ZIP code: |
| TextField1: |
| TextField2: |
| TextField3: |
| Year: |
| State: |
| County: |
| Notary Public Name: |
| Year_2: |
| Year_3: |
| State_2: |
| County_2: |
| Notary Public Name_2: |
| Year_4: |
| Year_5: |
| State_3: |
| County_3: |
| Notary Public Name_3: |
| Year_6: |
| Year_7: |
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