Sample Performance Bond.pdf

PERFORMANCE BOND

as the successful bidder on the City of Oklahoma City bids dated , 20__, and as "Principal" herein, _ , a corporation organized and existing under the laws of the State of , as "Surety", are jointly and severally bound unto the City of Oklahoma City as beneficiary, in the amount of $325,000 in accordance with the terms and provisions hereof.

WITNESSETH:

WHEREAS, the Principal has been determined to be a successful bidder for bid issued by the City of Oklahoma City on or about the day of , 20______; and

WHEREAS, the Principal will be awarded a contract upon the provision of a properly executed Contract and Performance Bond as provided by the aforementioned bid; and

WHEREAS, this Performance Bond is executed for the benefit of the City of Oklahoma City and is binding upon the Principal and Surety, its successors, and assigns.

NOW, THEREFORE, the terms and provisions of this Performance Bond shall be as follows:

This Performance Bond shall be enforceable in an amount of up to $325,000 against the Principal and Surety, their successors, and assigns, by the City of Oklahoma City for any and all costs, expenses, fees, change, damages, injuries, and losses incurred by the City of Oklahoma City for the failure of the Principal to perform under the Contract, executed pursuant to the aforementioned Bid and incorporated herein by specific reference as though fully set forth, as solely determined by the City of Oklahoma City, performed by Principal as provided for in the Contract.

It is expressly agreed and understood by the parties hereto that no changes, amendments, or alterations in said Contract or the plan or mode of performance shall have the effect of releasing or limiting the obligations of the Principal or the Surety, or their successors and assigns, under this Bond.

In addition, it is expressly agreed by the parties hereto that the rights provided by this Bond shall not limit any other right of the City of Oklahoma City under the Contract or by law to recovery for any costs, fees, loss, expense or damages caused by the Principal.

The failure of Principal to meet regulatory requirements enacted subsequent to the date of this

Bond, shall not give rise to liability of Surety under this Bond. Except as otherwise provided herein, this Bond shall not be cancelable, except that Surety may cancel upon one hundred and twenty (120) days written notice delivered to the City of Oklahoma City and the Principal. In the event of such cancellation be deemed an event of default under the Contract; provided, however, said default shall not be chargeable against the Surety of the canceled bond.

IN WITNESS WHEREOF, the Principal and the Surety have caused this Bond to be executed by its duly authorized officer and agents, respectively.

The Principal herein has caused this Bond to be executed this day of , 20 .

ATTEST:

Secretary Principal

ATTEST:

Secretary Surety

WITNESSETH: