Sample_Performance_Bond.pdf
PDF 129 KB Posted
- Attached to
- B026-09 Station 5 Boiler Replacement
- Solicitation number
- B026-09
- Issued by
- New Haven County, Connecticut
About this file
This is a Performance Bond template document associated with the City of Meriden's Fire Station #5 Boiler Replacement project (B026-09) in Connecticut. The bond serves as a guarantee that the selected contractor will complete the boiler replacement work at 1075 East Main Street in accordance with the contract terms and specifications. The project requires furnishing all labor and materials for installation of a new gas-fired condensing boiler (Lochinvar Knight XL Model FTXL1000N-120 or approved equivalent), along with associated mechanical, electrical, and plumbing systems, and temporary domestic hot water provision during construction. A mandatory site inspection was scheduled for November 19, 2025, at 10:00 a.m., with a question submission deadline of December 3, 2025, at 4:00 p.m. Sealed electronic bids were due via the City eProcurement Portal no later than 11:00 a.m. on December 10, 2025. The successful contractor must provide a Performance Bond for 100% of the contract price and is subject to an 18-month guarantee period from the date of acceptance.
The project budget is listed at $1,001 with account number 00543. Bidders must submit a bid bond equal to ten percent of the bid amount, along with a Non-Collusive Statement, Bidders' Qualification Statement, and Surety Guaranty Form. Contractors must maintain comprehensive insurance coverage including General Liability ($1,000,000 to $2,000,000), Auto Liability ($1,000,000), and Workers' Compensation at statutory limits. Prevailing wage rates apply, ranging from $21.42 to $66.72 depending on worker classification. Liquidated damages are assessed at $250 per calendar day for failure to meet the stipulated completion timeline. The project requires compliance with the 2022 Connecticut State Building Code, applicable NFPA codes, NEC, and ASME standards. The City applies a local preference policy that may allow Meriden-based businesses submitting bids within ten percent of the lowest bid to potentially accept the award.
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Text version
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS, that (here insert full name and address or legal title of Contractor) as Principal herinafter called contractor and (here insert full name and address or legal title of Surety
As Surety, hereinafter called Surety, are held and firmly bound unto (here insert full name and address or legal title of Owner)
As Obligee, hereinafter called Owner, in the amount of
Dollars $___________________________ for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS,
Contractor has by written agreement dated 20 , entered into a contract with Owner for (here insert full name, address and description of project)
In accordance with Drawings and Specifications prepared by (here insert full name and address or legal title of Engineer/Architect)
Which contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
PERFORMANCE BOND
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor, shall promptly and faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect.
The Surety hereby waives, notice of any alteration or defaults, under the contract or contracts of completion extension of time made by the Owner. arranged under this paragraph sufficient funds to pay the cost of completion less the balance of the contract price;
Whenever Contractor shall be, and declared by Owner but not exceeding, including other costs and damages to be in default under the Contract, the Owner having for which the Surety may be liable hereunder, the amount performed Owner’s obligations thereunder, the surety set forth in the first paragraph hereof. The term “balance may promptly remedy the default, or shall promptly of the contract price,” as used in this paragraph, shall mean the total amount payable by Owner to Contractor
1) Complete the Contract in accordance with its terms under the Contract and any amendments thereto, less and conditions, or the amount properly paid by Owner to Contractor.
2) Obtain a bid or bids for completing the Contract in Any suit under this bond must be instituted before accordance with its terms and conditions, and upon de- the expiration of two (2) years from the date on which termination by Surety of the lowest responsible bidder, final payment under the Contract falls due.
or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible No right of action shall accrue on this bond to or for bidder, arrange for a contract between such bidder and the use of any person or corporation other than the Owner, and make available as Work progresses (even Owner named herein or the heirs, executors, adminis-though there should be a default of a succession of trators or successors of the Owner.
Signed and sealed this day of 20
(Principal) (Witness) (Title)
(Surety) (Witness) (Title)
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