Sample_Performance_Bond.pdf
PDF 129 KB Posted
- Attached to
- B026-58 Water Lab Testing State and local contract opportunity
- Solicitation number
- B026-58
- Issued by
- New Haven County, Connecticut
About this file
This is a Performance Bond template document related to a water laboratory testing services contract with the City of Meriden-Water Department in Connecticut. The bond serves as a financial guarantee that the contractor will faithfully perform the contracted work in accordance with the project specifications and terms. The performance bond is issued jointly by the contractor and a surety company and is payable to the City of Meriden as the obligee. The bond amount is to be determined based on the contract value, and it ensures that if the contractor defaults, the surety will either complete the work or cover the costs necessary for completion, up to the bond amount stated in the first paragraph of the agreement.
The bond includes standard provisions requiring the contractor to promptly and faithfully perform all work in accordance with the contract terms and conditions, drawings, and specifications as prepared by the designated engineer or architect. The surety waives notice of any alterations or defaults made by the owner and is liable for completing the contract or arranging for completion through the lowest responsible bidder if the contractor fails to perform. Any legal action against the bond must be instituted within two years from the date final payment under the contract becomes due. The bond binds the contractor, surety, and their respective successors and assigns jointly and severally, and no right of action accrues to any party other than the named owner and its legal representatives.
View the file
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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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