PERFORMANCE_BOND_TEMPLATE_rev_11-2017.docx
DOCX document 19 KB Posted
- Solicitation number
- 2026.067-ITB
- Issued by
- Washington County, Oregon
About this file
This is a Performance Bond Template document issued by Washington County, Oregon, for use in securing contract performance on county projects. The bond serves as a financial guarantee that contractors will faithfully execute their contractual obligations in accordance with all terms, conditions, plans, specifications, and authorized modifications. The bond binds the principal contractor and surety jointly and severally to Washington County for the full performance of the underlying contract work within the prescribed timeframe.
The bond requires execution by authorized officials of both the principal and surety, with the surety's power of attorney attached if represented by an attorney in fact. The document specifies that nonpayment of bond premiums does not invalidate the bond and does not obligate Washington County for premium payment. The bond obligates the principal and surety to indemnify Washington County, its commissioners, officers, employees, and agents against any direct or indirect damages arising from contract performance or nonperformance. The surety waives notice of any contract alterations or time extensions. The document further provides that if collection becomes necessary, the principal and surety agree to pay Washington County's reasonable collection costs and attorney fees, with any court-ordered fees to be determined by the court hearing the action or appeal. The template was approved as to form on November 29, 2017, by the Assistant County Counsel.
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Text version
PERFORMANCE BOND
Bond No. __________________
KNOW ALL MEN BY THESE PRESENTS: That, by and through its corporate officials, doing business at as principal, and as surety, are jointly and severally held and bound unto Washington County, in the sum of for the payment of which we jointly and severally bind ourselves, our heirs, executors, administrators, and assigns, firmly by these presents.
THE CONDITION OF THIS BOND IS SUCH
That, whereas the said principal herein has made and entered into a certain contract, with Washington County for which contract, together with the applicable plans, Standard Specifications, special provisions, and schedule of contract prices, is by this reference made a part hereof, whereby the said principal agrees to do in accordance with the certain terms conditions, requirements, plans and specifications which are set out in said contract and all authorized modifications of the contract which modify the amount of the work, extend the time of the contract, and/or modify the amount of contract. The Surety hereby waives notice of any alteration or extension of time made by the Washington County.
NOW, THEREFORE, if the principal herein shall faithfully and truly observe and comply with the terms, conditions and provisions of the said contract, in all respects, and things by him undertaken to be performed under said contract, upon the terms set forth therein, and within the time prescribed therein, or as extended as provided in the contract, and shall indemnify and save harmless Washington County, its Board of Commissioners, its officers, employees, and agents, against any direct or indirect damages of every kind and description that shall be suffered or claimed to be suffered in connection with or arising out of the performance of the said contract by said Contractor or its subcontractors and shall in all respects perform said contract according to law, this obligation is to be void, otherwise it shall remain to full force and effect.
Nonpayment of the bond premium will not invalidate this bond nor shall Washington County be obligated for the payment thereof.
In the event it becomes necessary to place this bond in the hands of legal counsel for collection, Principal and the aforesaid Surety, jointly and severally, hereby agree and covenant to pay Washington County’s reasonable collection costs, including reasonable attorney fees, even though no suit or action is filed herein; however, if such suit or action is filed, the amount of such reasonable attorney fees shall be fixed by the court or courts in which the suit or action is heard, including on appeal.
Witness our hands this day of , 2 .
By Authorized Official Signature
Title
By Authorized Official Signature
Title
Surety
By Attorney in Fact (A Power of Attorney for the Attorney in Fact must be attached to this bond)
By Agent
Agent Phone Number Surety’s Seal Must be affixed
APPROVED AS TO FORM
/s/ Cortney Duke-Driessen___ Assistant County Counsel Date: 11/29/2017
File details come from the government source that posted it. Updated .