PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS: that
, (contractor name),
, (contractor address), a
(corporation partnership, individual), hereinafter called
Principal, and , (surety name),
, (surety address) herein after called
surety, are held and firmly bound unto , (owner name),
, (owner address) hereinafter called
OWNER in the total aggregate penal sum of dollars, ($ Jin lawful money of
the United States, for the payment of which sum 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 whereas, the Principal entered into a certain contract with the
OWNER, dated the day of , 20___, acopy of which is hereto attached and made a part
hereof for the construction of
NOW, THEREFORE, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants,
terms, conditions, and agreements of said contract during the original term thereof, and any extension thereof which
may be granted by the OWNER, with or without notice to the Surety and during the one year guaranty period, and if the
PRINCIPAL shall satisfy all claims and demands incurred under such contract, and shall fully indemnify and save harmless
the OWNER from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay
the OWNER all outlay and expense which the OWNER may incur in making good any default, then this obligation shall be
void: otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said surety, for value received hereby stipulates and agrees that no change, extension of
time, alteration or addition to the terms of the contract or to WORK to be performed thereunder or the specifications
accompanying same shall in any way affect its obligation on this BOND, and it does hereby waive notice of any such
change, extension of time alteration or addition to the terms of the contract or to the WORK or to the specifications.
PROVIDED, FURTHER, that it is expressly agreed that this BOND shall be deemed amended automatically and
immediately, without formal and separate amendments hereto, upon amendment to the Contract not increasing the
contract price more than 20 percent, so as to bind the PRINCIPAL and the SURETY to the full and faithful performance of
the Contract as so amended. The term "Amendment", wherever used in this BOND and whether referring to this BOND,
the contract or the loan Documents shall include any alteration, addition, extension or modification of any character
whatsoever.
PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the right of any
beneficiary hereunder, whose claim may be unsatisfied.
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