Town_of_Manchester_Performance_Bond.pdf
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- Solicitation number
- 23/24-26
- Issued by
- Hartford County, Connecticut
About this file
This Performance Bond document is issued by the Town of Manchester, Connecticut, and serves as a financial guarantee for a public works project involving fence replacement and concrete repairs at the Cheney Trail Bridge over Center Street. The bond provides protection for the town by ensuring that the principal contractor will faithfully perform the contract, pay prevailing wages to workers, and complete the project according to specified terms. If the principal fails to meet contractual obligations, the surety (bonding company) is responsible for either completing the project or providing funds to cover the cost of completion.
The bond is structured to cover the total contract amount, which is left blank in this template document, and includes provisions for the surety to remedy any default by the principal contractor. The bond specifically requires the contractor to certify that all wages paid to mechanics, laborers, and workmen are equal to the customary or prevailing rates in the Town of Manchester. No right of action on the bond can accrue to any party other than the Town of Manchester or its legal successors, which limits potential claims and ensures the town's direct oversight of the contract's performance.
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Text version
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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