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 template document for the Town of Waterford, Connecticut's construction project for a new 9,988 square-foot Oswegatchie Fire Station. The bond serves as a surety instrument guaranteeing that the selected contractor will faithfully perform all duties, undertakings, covenants, terms, conditions, and agreements outlined in the construction contract. The contractor and surety are jointly and severally bound to the Owner to ensure completion of the fire station construction work during the original contract term and any extensions granted by the Owner. A mandatory pre-proposal meeting is scheduled for January 15, 2026, at 10:00 AM, with written questions due by January 28, 2026, at 4:00 PM. Sealed bids are due February 10, 2026, at 2:00 PM through the Town's electronic procurement portal, with bid opening conducted via Zoom. The contractor must complete the project within 396 consecutive calendar days following the Notice to Proceed, with liquidated damages assessed at $1,000 per day for project delays.
The performance bond amount must equal 100 percent of the contract sum and becomes void upon successful completion of all contract obligations. The bond protects the Owner from all costs and damages resulting from contractor default and includes provisions that the surety's obligations remain unaffected by any changes, extensions of time, alterations, or additions to the contract terms or work specifications. The bond must be executed in three counterparts, with execution dates that do not predate the contract date. The document requires execution by both the Principal (contractor) and the Surety, with proper attestation and sealed signatures, and establishes joint liability for satisfying all claims and demands incurred under the construction contract.
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Text version
PERFORMANCE BOND
Bond #____________
KNOW ALL PERSONS BY THESE PRESENTS:
That we _______________________________________________________________________ (Name of Contractor) a _________________________________________________ hereinafter called “Principal” and (corporation, partnership or individual)
_____________________________ of ______________________, State of _______________, (Surety) hereinafter called the “Surety”, are held and firmly bound unto ___________________________ (Owner) of ______________________________________________, hereinafter called “Owner”, in the penal sum of ____________________________________________________________Dollars ($__________________________) 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 .