Sample Performance Bond - Attachment B.pdf

Performance Bonds 00 0610-1

SECTION 00 0610

PERFORMANCE BOND

KNOW ALL PERSONS BY THESE PRESENTS: that

(Name of Contractor)

(Address of Contractor) a , hereinafter called Principal, and

(Corporation, Partnership, or Individual)

(Name of Surety)

(Address of Surety) hereinafter called Surety, are held and firmly bound unto

KING GEORGE COUNTY, VIRGINIA

10459 Courthouse Dr., Suite 200

King George, Virginia 22485 hereinafter called OWNER in the total aggregate 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, our heirs, executors, administrators, 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 , a copy of which is hereto attached and made a part hereof for the construction of _______________________.

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 guaranty period and if the PRINCIPAL 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

DOCUMENTS shall in any way 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

Performance Bonds 00 0610-2

CONTRACT DOCUMENTS.

PROVIDED, FURTHER, that it is expressly agreed that the BOND shall be deemed amended automatically and immediately, without formal and separate amendments hereto, upon amendment to the Contract not increasing the contract price more than 20 percent, so as to bind the PRINCIPAL and the SURETY to the full and faithful performance of the CONTRACT as so amended. The term “Amendment”, wherever used in this BOND, and whether referring to this

BOND or the Contract shall include any alteration, addition, extension, or modification of any character whatsoever.

IN WITNESS WHEREOF, this instrument is executed in counterparts, each one of which shall be deemed an original, this the day of , 20___.

ATTEST:

(Principal) Secretary Principal

(SEAL) By

Witness as to Principal Address

Address Surety

ATTEST:

BY

Witness to Surety Attorney-in-Fact

Address 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 where the Project is located.

END OF SECTION 00 0610