Sample_Performance_Bond.pdf
PDF 129 KB Posted
- Attached to
- B026-42 Columbus Avenue Cul-de-sac
- Solicitation number
- B026-42
- Issued by
- New Haven County, Connecticut
About this file
This is a sample performance bond document for the City of Meriden, Connecticut's B026-42 Columbus Avenue Cul-de-Sac construction project. The performance bond serves as a financial guarantee that the contractor will promptly and faithfully perform all work in accordance with the contract terms and project specifications. The project involves constructing a 48-foot radius cul-de-sac at the south end of Columbus Avenue and an 8-foot wide stone dust multi-use path connecting Columbus Avenue to Marina Court, including pavement removal, site regrading, bituminous concrete pavement installation (10,600 square feet), concrete curbing (435 linear feet), concrete sidewalk repairs, a concrete block retaining wall (60 linear feet), chain link fencing, stormwater infrastructure modifications, topsoil placement (780 square yards), turf establishment (780 square yards), and landscape plantings. The contractor must submit a detailed construction schedule at the pre-construction meeting and coordinate with homeowners to minimize property access disruption. The bid submission deadline is February 26, 2026, at 11:00 am, with a non-mandatory pre-bid meeting scheduled for February 12, 2026, at 10:00 am at Meriden City Hall and a question submission deadline of February 19, 2026, at 4:00 pm. The project is anticipated to commence in Spring 2026 with expedited completion to limit resident disruption.
The performance bond must equal 100 percent of the contract price, with the surety remaining obligated to either complete the contract in accordance with its terms or arrange for completion by a lowest responsible bidder if the contractor defaults. Bidders must also provide a 10 percent bid bond within ten days of notice of award and a labor and material payment bond at 100 percent of the contract price. The sample contract indicates a lump sum price of $30,000.00 with liquidated damages of $2,200 per calendar day for failure to meet the completion deadline. Monthly progress payments will be calculated based on engineer certification with five percent retainage withheld until final completion. The City of Meriden's local preference ordinance requires city-based businesses to submit pricing not more than 10 percent higher than the lowest bid for award consideration. Contractors must comply with Connecticut prevailing wage requirements, provide certified payroll documentation, complete 10-hour OSHA Construction Safety and Health training, and maintain comprehensive insurance coverage including general liability of $1,000,000 per occurrence and $2,000,000 aggregate, auto liability of $1,000,000 combined single limit, umbrella coverage of $1,000,000, and workers' compensation at statutory limits. All bidders must submit a Bidder Contract Compliance Monitoring Report addressing affirmative action policies, nondiscrimination procedures, and subcontracting practices as required by the Connecticut Commission on Human Rights and Opportunities.
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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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