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 Performance Bond document template applicable to the City of Meriden, Connecticut's B026-42 Columbus Avenue Cul-de-Sac construction project. The bond serves as a guarantee that the selected contractor will promptly and faithfully perform all contract obligations for the infrastructure improvements project located at 380 Columbus Avenue in Meriden. The project scope includes construction of a 48-foot radius cul-de-sac, an 8-foot wide stone dust multi-use path, pavement removal and installation of 10,600 square feet of bituminous concrete pavement, 435 linear feet of concrete curbing, concrete sidewalk repairs, a 60 linear foot concrete block retaining wall, chain link fencing, stormwater infrastructure modifications, topsoil placement of 780 square yards, turf establishment, and landscape plantings including eight Fraser Fir trees. 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 minimize resident disruption.
The performance bond must be executed by the contractor and surety and must be in the amount specified in the contract. The surety agrees to either complete the contract in accordance with its terms and conditions or arrange for a qualified bidder to complete the work at the contractor's expense, with available funds derived from the balance of the contract price. The owner may declare the contractor in default if contract terms are not met, and the surety remains liable for all costs and damages up to the bond amount. The bond includes a two-year statute of limitations from the date final payment is due, and only the named owner or its successors possess the right of action. Successful bidders must provide a bid bond equal to 10 percent of the bid amount within ten days of notice of award, followed by both a performance bond and labor and material payment bond each at 100 percent of the contract price, with the sample contract indicating a lump sum price of $30,000.00 and liquidated damages of $2,200 per calendar day for failure to meet the completion deadline.
View the file
Other files
Show all 14
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
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)
File details come from the government source that posted it. Updated .