Sample_Payment_and_Performance_Bonds.docx
DOCX document 32 KB Posted
- Attached to
- Fifth Street Parking Garage Security Project
- Solicitation number
- PW 25-13B
- Issued by
- Napa County, California
About this file
This is a payment and performance bonds template document applicable to the Fifth Street Parking Garage Security Project in Napa, California. The document provides standard bond forms and requirements that contractors must submit as part of their contractual obligations. The template outlines the conditions under which payment bonds ensure that all laborers, materialmen, and suppliers are paid, while performance bonds guarantee that the contractor will complete the work in accordance with contract specifications and within the agreed timeline. The bonds serve as financial instruments to protect the project owner and ensure project completion for the security camera installation and associated electrical and low-voltage work at the Fifth Street Parking Garage located at 1100 5th Street, Napa, CA 94559.
The document establishes the bond requirements, forms, and procedures that contractors must follow when submitting their bids for the project. Bond amounts are typically based on the contract value, with specific percentages or fixed amounts determined by the contracting agency. The template includes language regarding bond execution, surety company qualifications, and conditions for bond forfeiture or claims. Contractors are required to obtain bonds from licensed surety companies prior to award and must maintain these bonds throughout the contract term to ensure compliance with all project obligations and timely payment of all project-related costs.
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Text version
NAPA COUNTY
PERFORMANCE BOND
| KNOW ALL PERSONS BY THESE PRESENTS THAT WE, | , | ||
| whose address is | as Principal, and | ||
| , duly authorized under the laws of the State of California to become sole surety on bonds and undertakings, as Surety, are jointly and severally held and firmly bound unto NAPA COUNTY, a political subdivision of the State of California, as Obligee, in the full and just sum of | |||
| AND | /100 DOLLARS |
lawful money of the United States of America, to be paid to the said Obligee, successors or assigns; for which payment, well and truly to be made, we bind ourselves, our heirs, executors, successors, administrators, and assigns, jointly and severally, firmly by these presents.
THE CONDITION of the foregoing obligation is such that; whereas, the above bounden Principal has entered into a contract, or is about to enter into a contract with the Obligee to do and perform the following work, to-wit: PROJECT NAME, PROJECT NUMBER, as is more specifically set forth in said contract, to which contract reference is hereby made.
NOW, THEREFORE, if the said Principal shall well and truly do the said work, and fulfill each and every of the covenants, conditions and requirements of the said contract in accordance with the plans and specifications, then the above obligation shall be null and void, otherwise shall remain in full force and effect.
THE SURETY does hereby consent to any and all alterations, modifications and revisions to the agreement secured by this bond including but not limited to, any extension of time for performance or modifications in manner of performance which may be agreed upon and between NAPA COUNTY as Obligee and the Principal, and the Surety does hereby waive notice of any alterations, modifications, revisions, or extensions.
SEALED with our seals and dated this day of , ____.
Principal (contractor):
Surety:
By:
By:
, Attorney in Fact
By:
Signatures for Principal and Surety must be acknowledged before Notary Public
APPROVED AS TO FORM:
Napa County Counsel
By:
PERFORMANCE BOND
PB-1
NAPA COUNTY
LABOR AND MATERIAL BOND
KNOW ALL PERSONS BY THESE PRESENTS THAT WE, _____________________________, as Principal, and ___________________________________ duly authorized under the laws of the State of California to become sole surety on bonds and undertakings, as Surety, are held and firmly bound unto any and all materialmen, persons, companies, or corporations furnishing materials, provisions, provender, or other supplies used in, upon, for, or about the performance of the work contracted to be executed or performed under the contract hereinafter mentioned, and all persons, companies, or corporations renting or hiring teams, or implements, or machinery, for or contributing to said work to be done, and all persons who performed work or labor upon the same, and whose claim has not been paid by the contractor, company, or corporation, in the just and full sum of _________________________________ ($___________) for the payment whereof, well and truly to be made, said Principal and Surety bind themselves, their heirs, administrators, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION of the foregoing obligation is such that; whereas the above bounden principal has entered into a contract, or is about to enter into a contract with NAPA COUNTY, a political subdivision of the State of California, to do and perform the following work, to-wit: PROJECT NAME, PROJECT NUMBER
NOW THEREFORE, if the above bounden Principal, contractor, person, company or corporation, or its subcontractor fails to pay for any materials, provisions, provender, other supplies, or terms used in, upon for or about the performance of the work contracted to be done, or for any work or labor done thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, or for any amounts required to be deducted, withheld, and paid over to the Employment Development Department from the wages of employees of the Principal or the subcontractors of the Principal pursuant to Unemployment Insurance Code section 13020 with respect to the work and labor, then the Surety of this bond will pay the same, in an amount not exceeding the sum specified in this bond as well as a reasonable attorney's fee, which shall be fixed and awarded by the court to the prevailing party in said suit, said attorney's fee to be taxed as costs in said suit and to be included in the judgment therein rendered.
THE SURETY does hereby consent to any and all alterations, modifications and revisions to the contract above referred to, and work and labor under which is secured by this bond, including but not limited to, any extension of time for performance or modifications in manner of performance which may be agreed upon by and between NAPA COUNTY and the Principal, and the Surety does hereby waive notice of any alterations, modifications, revisions, or extensions.
THIS BOND is executed and filed to comply with the provisions of the act of Legislature of the State of California as designated in Civil Code section 9550, et seq., inclusive, and all amendments thereto and shall inure to the benefit of any of the persons named in Civil Code section 9100 so as to give a right of action to those person or their assigns in any suit brought upon the bond.
SEALED with our seals and dated this day of , ____.
| Principal (contractor): |
| Surety: |
By:
By: , Attorney in Fact
By:
Signatures for Principal and Surety must be acknowledged before Notary Public
APPROVED AS TO FORM:
Napa County Counsel
By:
| LABOR AND MATERIAL BOND | |
| LMB-1 |
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