Sample_Performance_Bond.pdf
PDF 129 KB Posted
- Attached to
- B027-23 Oregon Road Bridge Replacement
- Solicitation number
- State Project No. L079-0004-Oregon Road Bridge No. 04184
- Issued by
- New Haven County, Connecticut
About this file
This document is a performance bond template intended for use by the City of Meriden, Connecticut in connection with the Oregon Road Bridge Replacement project (B027-23). The performance bond serves as a financial guarantee that the contractor will complete the contract work in accordance with the terms and conditions specified in the underlying construction agreement. The bond names the contractor as principal, a surety company as surety, and the City of Meriden as obligee. The contractor and surety are jointly and severally bound to ensure faithful performance of the bridge replacement project as documented in the contract drawings and specifications prepared by the designated engineer or architect.
The performance bond amount is to be inserted in the blank space provided and remains in full force until the contractor satisfactorily completes all contract work. Should the contractor default, the surety agrees to either complete the contract in accordance with its terms or obtain competitive bids for completion and arrange for a replacement contractor, making available necessary funds to cover the cost of completion less any remaining contract balance. Any legal action under the bond must be initiated within two years from the date final payment is due under the contract. The bond is binding only upon the named obligee (City of Meriden) and its successors, and no other party has rights of action under the instrument.
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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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