Town_of_Manchester_Performance_Bond.pdf

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Attached to
FURNISH AND INSTALL COMMUNICATIONS TOWER AT 358 SOUTH MAIN STREET
Solicitation number
24/25-25
Issued by
Hartford County, Connecticut

About this file

Written by GovTribe AI ·

This Performance Bond is issued by the Town of Manchester, Connecticut, and serves as a financial guarantee for a contract related to the furnishing and installation of a communications tower at 358 South Main Street. The bond ensures that the Principal (contractor) will promptly and faithfully perform the contract, paying prevailing wages to all workers, with the Surety (insurance company) providing financial protection to the Town in case of default. If the Principal fails to complete the contract, the Surety is obligated to either complete the work or arrange for its completion, with available funds up to the bond's specified amount.

The bond does not specify the exact contract value, but it represents a critical financial instrument that protects the Town's interests by ensuring project completion and proper wage payment. The Performance Bond limits third-party claims, with rights of action accruing only to the Town of Manchester or its legal successors. This document is part of the procurement process for Bid No. 24/25-25, with bids scheduled to be accepted via the Town's eProcurement Portal until 2:00 pm on Friday, November 22, 2024, when they will be publicly opened and read aloud.

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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:

File details come from the government source that posted it. Updated .