PERFORMANCE_BOND.pdf
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- Solicitation number
- 25-054
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Performance Bond template document for the City of Wheat Ridge, Colorado, establishing the bonding requirements for a contractor undertaking a project titled [PROJECT NAME] with an original contract date in 2024. The bond secures the contractor's faithful performance of all duties, undertakings, covenants, terms, conditions, and agreements specified in the underlying contract during the original term, any extensions granted by the Owner, and a one-year guarantee period following completion. The document requires the bond to be executed by both the Principal (contractor) and a Treasury Department-approved Surety company authorized to transact business in Colorado, with the bond amount to be specified in the penal sum section. The bond must be dated no earlier than the contract date and includes provisions for corporate secretary attestation if the contractor is a corporation or signature by all partners if a partnership.
The Performance Bond establishes the Surety's obligation to indemnify and save harmless the Owner from all costs and damages resulting from the contractor's failure to perform, including reimbursement of all outlays and expenses incurred by the Owner in remedying any default. The Surety waives notice of any changes, extensions of time, alterations, or additions to the contract terms, work scope, or specifications. The bond structure allows for multiple executed originals and includes provisions that no final settlement between Owner and Contractor abridges the rights of any beneficiary with unsatisfied claims. The document specifies that the Surety company must appear on the Treasury Department's current list (Circular 570, as amended) and be authorized to conduct business in the State of Colorado.
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Text version
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS: that
(Name of Contractor)
(Address of Contractor)
A hereinafter called "PRINCIPAL", and
(Name of Surety)
(Address of Surety) hereinafter called "Surety", are held and firmly bound unto the City of Wheat Ridge, 7500 West 29th Avenue, Wheat Ridge, Colorado 80033, 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, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the Owner, dated the day of , 2024, a copy of which is hereto attached and made a part hereof for the Project titled, [PROJECT NAME].
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 during the one year guarantee period, 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 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 to be performed or the Specifications accompanying the same shall in any wise 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.
*Insert "a corporation", "a partnership", or "an individual" as applicable.
IN WITNESS WHEREOF, this instrument is executed in one part, each of which shall be deemed an original, this the day of , 2024
ATTEST: PRINCIPAL
CORPORATE SECRETARY PRINCIPAL
ADDRESS BY
ADDRESS
(SEAL)
SURETY
ATTEST:
SURETY
ADDRESS BY (ATTORNEY IN FACT)
ADDRESS
Note: Date of Bond must not be prior to date of Contract. If Contractor is partnership, all partners should execute bond.
IMPORTANT: Surety companies executing bonds must appear on the Treasury Department's most current list (Circular 570, as amended) and be authorized to transact business in the State of Colorado.
PERFORMANCE BOND
File details come from the government source that posted it. Updated .