Sample_Performance_Bond.pdf
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- 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 template document for use by the City of Meriden, Connecticut in connection with the B026-42 Columbus Avenue Cul-de-Sac infrastructure construction project. The bond secures contractor performance of the contract work, which includes constructing a 48-foot radius cul-de-sac at the south end of Columbus Avenue, an 8-foot wide stone dust multi-use path connecting Columbus Avenue to Marina Court, removal of existing pavement, site regrading, installation of full-depth bituminous concrete pavement (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 including eight Fraser Fir trees. The project is anticipated to commence in Spring 2026 with expedited completion to minimize resident 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 questions due by February 19, 2026, at 4:00 pm.
The performance bond must be executed by the contractor and surety upon contract award and must equal 100 percent of the contract price. The bond obligates the contractor and surety to promptly and faithfully perform the contract according to its terms and conditions, with the surety waiving notice of any alterations, defaults, or completion extensions made by the Owner. Upon contractor default, the Owner may complete the work or obtain bids for completion, with the surety liable for costs exceeding the remaining contract balance. Any action under the bond must be instituted within two years from the date final payment is due. 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. The contractor must comply with Connecticut prevailing wage requirements, provide certified payroll documentation, complete 10-hour OSHA 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.
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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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