Sample_Performance_Bond.pdf
PDF 129 KB Posted
- Attached to
- B027-16 Exhaust Fan Replacement
- Solicitation number
- B027-16
- Issued by
- New Haven County, Connecticut
About this file
This is a Performance Bond template document for the City of Meriden, Connecticut, related to contract B027-16 for exhaust fan replacement services at the Public Works Maintenance Facility located at 55 Michael Drive, Meriden, CT 06450. The bond is designed to ensure that the selected contractor will promptly and faithfully perform all work required under the contract, which involves replacing five existing roof-mounted exhaust fans and four make-up air dampers. The performance bond obligates the contractor and surety jointly and severally to guarantee completion of the project in accordance with the contract drawings and specifications prepared by the designated engineer or architect. The bond becomes null and void upon successful and timely performance of the contract work; otherwise, it remains in full force and effect.
The performance bond establishes the surety's liability in an amount specified in the contract document, payable to the City of Meriden as obligee. The surety waives notice of any alterations, defaults, or extensions of time made by the owner and agrees that upon the contractor's default, the owner may either have the contractor remedy the default or obtain competitive bids to complete the work. The surety is liable for the cost of completion less any balance remaining on the contract price. Any legal action under the bond must be instituted within two years from the date on which final payment under the contract is due. The bond is binding only upon the named owner and does not confer rights of action to any other person or corporation.
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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)
File details come from the government source that posted it. Updated .