HomeMy WebLinkAbout04.4 Exhibit E - Performance Bond newEXHIBIT E
EXHIBIT E – Performance Bond Page 1 of 1 2019 City-wide Striping
PERFORMANCE BOND
to City of Port Townsend, WA
Bond No.
The City of Port Townsend, Washington, has awarded to ______________________ (Principal), a contract for
the construction of the project designated as 2019 City-wide Striping in Port Townsend, Washington, and said Principal is required to furnish a bond for performance of all obligations under the Contract. The Principal, and _____________ (Surety), a corporation, organized under the laws of the State of ___________ and licensed to do business in the State of Washington as surety and named in the current list
of "Surety Companies Acceptable in Federal Bonds" as published in the Federal Register by the Audit Staff
Bureau of Accounts, U.S. Treasury Dept., are jointly and severally held and firmly bound to the City in the sum
of __________US Dollars ($_______________________) Total Contract Amount, subject to the provisions
herein. This statutory performance bond shall become null and void, if and when the Principal, its heirs, executors, administrators, successors, or assigns shall well and faithfully perform all of the Principal's obligations under the Contract and fulfill all the terms and conditions of all duly authorized modifications, additions, and
changes to said Contract that may hereafter be made, at the time and in the manner therein specified; and if
such performance obligations have not been fulfilled, this bond shall remain in full force and effect.
The Surety for value received agrees that no change, extension of time, alteration or addition to the terms of the Contract, the specifications accompanying the Contract, or to the work to be performed under the Contract shall in any way affect its obligation on this bond, and waives notice of any change, extension of time, alteration or addition to the terms of the Contract or the work performed. The Surety agrees that
modifications and changes to the terms and conditions of the Contract that increase the total amount to be
paid the Principal shall automatically increase the obligation of the Surety on this bond and notice to Surety
is not required for such increased obligation.
This bond may be executed in two (2) original counterparts and shall be signed by the parties' duly authorized officers. This bond will only be accepted if it is accompanied by a fully executed and original power of attorney for the officer executing on behalf of the surety.
PRINCIPAL SURETY
_______________________________________ __________________________________
Principal Signature Date Surety Signature Date
_______________________________________ __________________________________
Printed Name Printed Name
_______________________________________ __________________________________
Title Title
Name, address, and telephone of local office/agent of Surety Company is:
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________