Sample Performance Bond Wording (Annually/renewable Performance Bond) printable pdf download

SAMPLE PERFORMANCE BOND WORDING (ANNUALY/RENEWABLE PERFORMANCE BOND)

Bond Number: ____________________

PERFORMANCE BOND

KNOW ALL MEN BY THESE PRESENTS, That we, ___________________________________________,

(hereinafter called the Principal), as Principal, and NAME OF SURETY COMPANY , duly organized under the laws

of the State of.

, (hereinafter called the Surety), as Surety, are held and firmly bound unto

_____________________________________________________________, (hereinafter called the Obligee), in the

sum of_______________($____) Dollars, for the payment of which sum well and truly to be made, we, the said

Principal and the said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns.

WHEREAS, said Principal has entered into a written Contract with said Obligee, dated ____________, for

___________________________________________, in accordance with the terms and conditions of said Contract,

which is hereby referred to and made a part hereof as if fully set forth herein:

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, That if the above bounden Principal

shall well and truly keep, do and perform each and every, all and singular, the matters and things in said contract set

forth and specified to be by said Principal kept, done and performed, at the times and in the manner in said contract

specified, or shall pay over, make good and reimburse to the above named Obligee, all loss and damage which said

Obligee may sustain by reason of failure or default on the part of said Principal so to do, then this obligation shall be

null and void; otherwise shall remain in full force and effect.

FURTHERMORE, Notwithstanding the provisions of the Contract, the term of this bond shall apply from

__________________, 20____, until __________________, 20____, and may be extended by the Surety by

Continuation Certificate. However, neither non-renewal by the Surety, nor the failure or inability of the Principal to

file a replacement bond in the event of non-renewal, shall itself constitute a loss to the obligee recoverable under this

bond or any renewal or continuation thereof. The liability of the Surety under this bond and all continuation certificates

issued in connection therewith shall not be cumulative and shall in no event exceed the amount as set forth in this bond

or in any additions, riders, or endorsements properly issued by the Surety as supplements thereto. In no event shall

Surety’s aggregate liability exceed the penal sum of this bond.

NO SUIT, ACTION OR PROCEEDING by the Obligee to recover on this bond shall be sustained unless the same be

commenced within two (2) years following the date on which Principal ceased work on said Contract.

Signed and sealed this ____________day of ____________________, __________

(fill in Principal's name)

Principal

By:_________________________________

NAME OF SURETY COMPANY

Surety

By:_________________________________

Attorney-in-Fact

Sample Performance Bond Wording (Annually/renewable Performance Bond)