Sample_Performance_Bond.pdf
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- Attached to
- B027-18 North End Field Upgrade
- Solicitation number
- B027-18
- Issued by
- New Haven County, Connecticut
About this file
This is a Performance Bond document for the B027-18 North End Field Upgrade project in Meriden, Connecticut. The bond establishes a contractual agreement between a contractor (principal), a surety company, and the project owner (obligee) to ensure faithful performance of the construction contract. The project encompasses earthwork and storm drainage work associated with constructing a new full-size post-tension basketball court at Northend Field and 31-44 Locust Street in Meriden, Connecticut, along with ancillary work including a bike path, concrete sidewalk, playscape with chain link fence enclosure, parking lot, and landscaping. The contractor must demonstrate at least five years of successful experience in the required type of application. The bond amount is left blank in this template document and would be specified in the executed agreement.
The performance bond obligates the contractor and surety to complete the contract work in accordance with the drawings, specifications, and terms established by the owner. Should the contractor default, the surety is responsible for either completing the work or arranging for completion by the lowest responsible bidder, with the surety liable for costs not exceeding the bond amount (calculated as the total contract price minus any amounts properly paid to the contractor). Any legal action under the bond must be initiated within two years from the date final payment under the contract is due. The bond contains standard surety provisions including waiver of notice for contract alterations or defaults and limits the right of action to the named owner or its successors.
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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 .