HomeMy WebLinkAboutFORM OF PERFORMANCE BOND_Rev_0.(hereinafter called the Surety), are held and firmly bound unto the City of Waterloo (hereinafter called
Dollars ($
WHEREAS the above bounden Principal did, on the___day of__
enter into a written contract with the City of Waterloo,
Five Sullivan Brothers CC Kitchen Plmb Improvements 00 41 00
City of Waterloo FORM OF PERFORMANCE BOND
INVISION #16021 1 of 2
FORM OF PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, _____________________, of _______________ (hereinafter called the Principal), and
of
(hereinafter called the Surety), are held and firmly bound unto the City of Waterloo (hereinafter called
the Obligee), in the penal sum Dollars ($
), lawful money of the United States, to payment of which sum, well and truly to be made, the Principal here firmly binds
himself/themselves, his/their heirs, executors, and administrators, and the said Surety binds himself, his successors,
assigns, executors, and administrators, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that,
WHEREAS the above bounden Principal did, on the day of __________________ , 20__,
enter into a written contract with the City of Waterloo, Iowa, for the construction of _
, a copy of which contract, together with all of its terms, covenants, conditions, and stipulations, is incorporated herein
and made a part hereof as full and completely as if said contract were recited at length herein; and
WHEREAS, the Principal and Surety on this bond hereby agree to pay to all persons, firms or corporations
having contracts directly with the Principal or with subcontractors, all just claims due them for labor performed or
materials furnished in the performance of the contract on account of which bond is given when the same are not
satisfied out of the portion of the contract price which the public corporation is required to retain until completion of the
public improvement, but the Principal and Surety shall not be liable to said persons, firms, or corporation unless the
claims of said claimants against said portion of the contract price shall have been established as provided by law.
Now, if the Principal shall in all respects fulfill his said contract according to the terms and tenor thereof, and
shall satisfy all claims and demands incurred for the same, and shall fully indemnify and save harmless the Obligee from
all costs and damages which it may suffer by reason of failure to do so, and shall fully reimburse and repay the Obligee
all outlays and expenses which it may incur in making good any such default, then the obligation is to be void and of no
effect, otherwise to remain in full force and effect.
Every Surety on this bond shall be deemed and held, any contract to the contrary notwithstanding, to consent
without notice:
1. To any extension of time to the contract in which to perform the contract.
2. To any change in the plans, specifications, or contract when such change does not involve an
increase of more than twenty percent (20%) of the total contract price, and shall then be released only
as to such excess increase.
3. That no provision of this bond or of any other contract shall be valid which limits to less than one (1)
year from the time of the acceptance of the work the right to sue on this bond for defect in
workmanship or material not discovered or known to the Obligee at the time such work was accepted.
IN WITNESS WHEREOF, we have hereunto set our hands and seals this___day of
Five Sullivan Brothers CC Kitchen Plmb Improvements 00 41 00
City of Waterloo FORM OF PERFORMANCE BOND
INVISION #16021 2 of 2
IN WITNESS WHEREOF, we have hereunto set our hands and seals this ___ day of , 20__.
Principal
By:
Surety
Attorney-in-Fact