UCB001319-17.00-L_M Bond.docx
DOCX document 36 KB Posted
- Solicitation number
- Notice No. 25-70
- Issued by
- Boulder County, Colorado
About this file
This document is a Labor and Material Bond for a University of Colorado Boulder project, issued by the State of Colorado Office of the State Architect. The bond is related to a CHW (Chilled Hot Water) distribution system upgrade project, specifically designed to expand service and provide a new 4" service to the PDPS Building. The project will be executed while maintaining the functionality and occupancy of adjacent systems, indicating a complex infrastructure improvement requiring careful implementation.
The bond serves as a financial guarantee, binding the Principal (contractor) and Surety to fully indemnify the State of Colorado and the University of Colorado against potential failures, damages, or payment defaults. The bond covers labor, materials, machinery, tools, and equipment used in the contract performance, with a provision for 8% interest on overdue payments. While specific dollar amounts are not completed in this template document, the bond ensures financial protection for the state and subcontractors, and remains in effect regardless of contract alterations or time extensions, providing comprehensive risk mitigation for the infrastructure upgrade project.
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Text version
STATE OF COLORADO
OFFICE OF THE STATE ARCHITECT
STATE BUILDINGS PROGRAM
LABOR AND MATERIAL BOND
| Institution/Agency: |
| University of Colorado Boulder |
Project No./Name:
BONDING COMPANY: DO NOT MAKE ANY CHANGES TO THE LANGUAGE IN THIS BOND.
KNOW ALL PERSONS BY THESE PRESENTS:
That the Contractor as Principal and hereinafter called "Principal," and as Surety and hereinafter called "Surety," a corporation organized and existing under the laws of are held and firmly bound unto the STATE OF COLORADO acting by and through the Regents of the University of Colorado, a body corporate, hereinafter called "Principal Representative," and to all subcontractors and any others who have supplied or furnished or shall supply or furnish materials, rental machinery, tools, or equipment actually used in the performance of the hereinafter identified Contract, or who have performed or shall perform labor in the performance of or in connection with said Contract, hereinafter called "Obligees" in the sum Dollars ($ ) together with interest at the rate of eight per cent (8%) per annum on all payments becoming due in accordance with said Contract, from the time such payments shall become due until such payment shall be made, for the payment of which, well and truly made to the Obligees, the Principal and the Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly, by these presents.
WHEREAS, the Principal and the State of Colorado acting by and through the Principal Representative have entered into a certain Contract, hereinafter called "Contract," dated _______________, 20 for the (Leave blank, to be completed by Institution/Agency) construction of a PROJECT described as which Contract is hereby by reference made a part hereof;
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that if the Principal and the Surety shall fully indemnify and save harmless the State of Colorado and the Principal Representative from and against any and all costs and damages, including patent infringements, which either may suffer by reason of any failure or failures of the Principal promptly and faithfully to perform all terms and conditions of said Contract and shall fully reimburse and repay the State of Colorado and the Principal Representative all outlay and expense which the State of Colorado and the Principal Representative may incur in making good any such failure or failures, and further, if the Principal and his subcontractors shall duly and promptly pay for any and all labor, materials, team hire, sustenance, provisions, provender, rental machinery, tools, or equipment and other supplies which have been or shall be used or consumed by said Principal or his subcontractors in the performance of the work of said Contract , and it said Principal shall duly and promptly pay all his subcontractors the sums due them for any and all materials, rental machinery, tools, or equipment and labor that have been or shall be furnished, supplied, performed or used in connection with performance of said Contract, and shall also fully indemnify and save harmless the State of Colorado and the Principal Representative to the extent of any and all expenditures which either or both of them may be required to make by reason of any failures or defaults by the Principal or any subcontractor in connection with such payments; then this obligation shall be null and void, otherwise it shall remain in full force and effect.
It is expressly understood and agreed that any alterations which may be made in the terms of said Contract or in the work to be done under said Contract, or any extension(s) of time for the performance of the Contract, or any forebearance on the part of either the State of Colorado or the Principal to any of the others, shall not in any way release the Principal and the Surety, or either of them, their heirs, executors, administrators, successors or assigns from their liability hereunder, notice to the Surety of any such alteration, extension or forbearance being hereby waived.
IN WITNESS WHEREOF, the Principal and the Surety have executed this Bond, this day of , A.D., 20 .
(Corporate Seal)
THE PRINCIPAL
ATTEST:
By:
| Title: |
Secretary
(Corporate Seal)
SURETY
By:
Attorney-in-fact
THIS BOND MUST BE ACCOMPANIED BY POWER OF ATTORNEY, EFFECTIVELY DATED
| Note: |
| This bond is issued simultaneously with another bond conditioned for the full and faithful performance of the contract. |
SC-6.221 Page 1 of 2 (Rev. 7/2022) image1.jpg
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