Performance Bond Format Sample
A performance bond is a guarantee provided by a contractor to the project owner. It ensures that the contractor will fulfill all contractual obligations and complete the project as agreed upon. In case of any default or failure by the contractor, the performance bond acts as a form of protection for the project owner.
Here is a sample format for a performance bond:
PROJECT: [Project Name]
Date: [Date]
KNOW ALL MEN BY THESE PRESENTS:
We, [Contractor's Company Name], having our principal place of business at [Contractor's Address], and [Surety Company Name], a company duly organized and existing under the laws of [Surety Company's Country], with its principal office at [Surety Company's Address], as surety, are held and firmly bound unto [Project Owner's Company Name], a company duly organized and existing under the laws of [Project Owner's Country], with its principal office at [Project Owner's Address], hereinafter referred to as the "Obligee," in the penal sum of [Amount of Performance Bond] [Currency] for the payment whereof, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
If the Principal shall faithfully perform all the covenants, terms, conditions, and provisions of the Contract between the Principal and Obligee, dated [Date of Contract], then this obligation shall be void; otherwise, it shall remain in full force and effect.
This bond shall become effective upon the execution of the Contract and shall continue in force until the full and complete performance by the Principal of all the obligations under the Contract.
This bond may be terminated by the Surety upon ninety (90) consecutive days' written notice to the Obligee by registered mail at the address shown above.
DATED this [Date] day of [Month], [Year].
[Contractor's Company Name]
By: [Authorized Representative]
Title: [Title of Authorized Representative]
[Surety Company Name]
By: [Authorized Representative]
Title: [Title of Authorized Representative]
_______________________
Witnessed By:
[Witness Name 1]
[Witness Name 2]
Note: This is just a sample format. It is recommended to consult with legal professionals and tailor the performance bond according to specific project requirements.
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