PERFORMANCE_BOND.pdf
PDF 69 KB Posted
- Attached to
- 2026 Residential Streets Project
- Solicitation number
- 26-10
- Issued by
- Jefferson County, Weston CDP, Colorado
About this file
This is a Performance Bond template document issued by the City of Wheat Ridge, Colorado for a residential streets project scheduled in 2026. The bond serves as a financial guarantee that the principal contractor will faithfully perform all duties, undertakings, covenants, terms, conditions, and agreements outlined in the associated contract during the original term and any extensions granted by the Owner, as well as during a one-year guarantee period following project completion. The bond requires the contractor to satisfy all claims and demands incurred under the contract and to fully indemnify and save harmless the Owner from all costs and damages resulting from any failure to perform. The surety agrees that no changes, extensions of time, alterations, or additions to the contract terms, work specifications, or project scope shall affect its obligation on the bond, and it waives notice of any such modifications.
The Performance Bond is executed in a single instrument with separate signature blocks for the principal contractor and surety company. The bond amount is variable (shown as a blank dollar figure to be completed upon execution) and represents the penal sum for which the contractor and surety are jointly and severally liable. The document requires execution on or after the contract date and mandates that the surety company appear on the U.S. Treasury Department's current list (Circular 570, as amended) and be authorized to conduct business in the State of Colorado. If the contractor is a partnership, all partners must execute the bond. The bond protects the City of Wheat Ridge located at 7500 West 29th Avenue, Wheat Ridge, Colorado 80033, and remains in full force and effect until the contractor satisfactorily completes all performance obligations and the Owner is fully indemnified against any defaults.
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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 .