PERFORMANCE_BOND.pdf
PDF 69 KB Posted
- Attached to
- Lakemont Center Drainage Improvements
- Solicitation number
- ITB-25-051
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Performance Bond template document for the City of Wheat Ridge, Colorado, related to the Lakemont Center Drainage Improvements project (ITB-25-051). The bond requires the contractor to execute performance obligations for the drainage improvements project, which includes removing and replacing approximately 13 linear feet of 12-inch HDPE pipe, installing a 48-inch diameter manhole, providing bypass pumping and dewatering services, cleaning and camera inspections of 4-inch, 8-inch, and 12-inch HDPE storm pipes, and completing minor landscaping, asphalt and sidewalk replacement, curb and gutter work, concrete rundowns, sidewalk chases, and erosion control measures. The project completion timeline is 30 calendar days from the Notice to Proceed. A mandatory pre-bid meeting is scheduled for November 4, 2025, at 2:00 pm, with bid submissions due on November 20, 2025, at 2:00 pm Mountain Time. The performance bond must be executed and dated no earlier than the contract date of 2024.
The performance bond establishes joint and several liability between the contractor (Principal) and a surety company for faithful performance of all contract duties, undertakings, covenants, terms, conditions, and agreements during the original contract term, any extensions granted by the Owner, and a one-year guarantee period. The surety company must appear on the U.S. Treasury Department's current list (Circular 570, as amended) and be authorized to conduct business in Colorado. The bond obligates the surety to indemnify and save harmless the Owner from all costs and damages resulting from contractor failure to perform, and the surety waives notice of any changes, extensions, alterations, or additions to contract terms or specifications. The bond amount, specific contract date, and final settlement terms are to be completed upon contract execution.
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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
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