Town_of_Manchester_Performance_Bond.pdf

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Attached to
PARK IMPROVEMENTS - CHARTER OAK PARK WEST
Solicitation number
23/24-96
Issued by
Hartford County, Connecticut

About this file

Written by GovTribe AI ·

This Performance Bond document is issued by the Town of Manchester, Connecticut, relating to the Park Improvements - Charter Oak Park West project (Bid No. 23/24-96). The bond establishes the legal and financial guarantees between the Principal (contractor), Surety (bonding company), and the Town, ensuring the faithful performance of the contract and proper payment of wages. The bond obligates the Surety to either complete the contract or secure a new contractor if the original Principal defaults, with a total financial liability matching the amount specified in the first paragraph of the document.

The bond provides specific protections for the Town, including provisions that the Principal must pay prevailing wage rates to all mechanics, laborers, and workmen, and that no right of action can accrue to any party other than the Town or its successors. The financial terms stipulate that the Surety will make funds available to complete the project, not exceeding the original contract price, and accounting for any balance remaining from the original contract. The bond is structured to protect the Town's interests in the event of contractor non-performance, ensuring project completion and appropriate compensation for labor.

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PERFORMANCE BOND

Bond No.____________

KNOW ALL MEN BY THESE PRESENTS:

THAT ___________________________________________________________as Principal, Hereinafter called "PRINCIPAL," and _______________________________

________________________ as Surety, hereinafter called "SURETY," are held and firmly bound unto the Town of Manchester, Connecticut, as Obligee, hereinafter called "TOWN," in the amount of

Dollars, ($ ), for the payment whereof PRINCIPAL and SURETY bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, PRINCIPAL has by written Contract dated ______________________ entered into a Contract with TOWN for _____________________________________________________________ which Contract is by reference made a part hereof, and is hereinafter referred to as the

"CONTRACT."

NOW, THEREFORE, the condition of this obligation is such that, if PRINCIPAL shall promptly and faithfully perform said CONTRACT, and shall certify in writing that all wages paid under said

CONTRACT to any mechanic, laborer or workman were equal to the rates of wages customary or then prevailing for the same trade or occupation in the Town of Manchester, then this obligation shall be null and void, otherwise it shall remain in full force and effect.

Whenever PRINCIPAL shall be, and declared by the TOWN to be in default under the

CONTRACT, the TOWN having performed its obligations thereunder, the SURETY may promptly remedy the default, or shall promptly:

1. Complete the CONTRACT in accordance with its terms and conditions; or

2. Obtain a bid or bids for submission to the TOWN for completing the CONTRACT in accordance with its terms and conditions, and upon determination by the TOWN and SURETY of the lowest possible bidder, arrange for a CONTRACT between such bidder and the TOWN, and make available as work progresses (even though there should be a default or a succession of defaults under the CONTRACT or Contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the Contract Price; but not exceeding, including other costs and damages for which the SURETY may be liable hereunder, the amount set forth in the first paragraph hereof. The term, "Balance of the Contract Price," as used in this paragraph, shall mean the total amount payable by the TOWN to PRINCIPAL under the

CONTRACT and any amendments thereto, less the amount properly paid by the TOWN to the

PRINCIPAL.

No right of action shall accrue on this bond to or for the use of any person or corporation other than the

TOWN named herein or the heirs, executors, administrators or successors of TOWN.

Signed and sealed this ______________ day of ________________________, A.D., 20__.

In the Presence of:

(SEAL)

(PRINCIPAL)

By:

(SURETY)

By:

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