Mandatory provision for contracts exceeding $100,000 with
surety bond requirements:
A.
Performance Bond. The required performance bond shall be in the form specified
as follows:
PERFORMANCE BOND
|
Principal
|
Business Address of Principal
|
|
Surety
a corporation of the State of______________
and authorized to do business in the State of
Maryland
|
Obligee
STATE OF MARYLAND
|
|
Penal Sum of Bond (express in words and
figures)
_______________________________________
Description of Contract
Contract Number:_______________
|
Date of Contract
____________,20___
Date Bond Executed
____________,20___
|
KNOW ALL BY THESE PRESENTS, That we, the Principal named
above and Surety named above, are held and firmly bound unto the Obligee named
above in the Penal Sum of this Performance Bond stated above, for the payment
of which Penal Sum we bind ourselves, our heirs, executors, administrators,
personal representatives, successors, and assigns, jointly and severally,
firmly by these presents. However, where Surety is composed of corporations
acting as co-sureties, we the co-sureties, bind ourselves, our successors and
assigns, in such Penal Sum jointly and severally as well as severally only for
the purpose of allowing a joint action or actions against any or all of us, and
for all other purposes each co-surety binds itself, jointly and severally with
the Principal, for the payment of such sum as appears above its name below, but
if no limit of liability is indicated, the limit of such liability shall be the
full amount of the Penal Sum.
WHEREAS, Principal has entered into or will enter into a
contract with the State of Maryland, by and through the Administration named
above acting for the State of Maryland, which contract is described and dated
as shown above, and incorporated herein by reference. The contract and all
items incorporated into the contract, together with any and all changes,
extensions of time, alterations, modifications, or additions to the contract or
to the work to be performed thereunder or to the Plans, Specifications, and
Special Provisions, or any of them, or to any other items incorporated into the
contract shall hereinafter be referred as "the Contract. "
WHEREAS, it is one of the conditions precedent to the final
award of the Contract that these presents be executed.
NOW, THEREFORE, during the original term of said Contract,
during any extensions thereto that may be granted by the Administration, and
during the guarantee and warranty period, if any, required under the Contract,
unless otherwise stated therein, this Performance Bond shall remain in full
force and effect unless and until the following terms and conditions are
met:
1. Principal shall well and truly
perform the Contract; and
2.
Principal and Surety shall comply with the terms and conditions in this
Performance Bond.
Whenever Principal shall be declared by the Administration to
be in default under the Contract, the Surety may, within 15 days after notice
of default from the Administration, notify the Administration of its election
to either promptly proceed to remedy the default or promptly proceed to
complete the contract in accordance with and subject to its terms and
conditions. In the event the Surety does not elect to exercise either of the
above stated options, then the Administration thereupon shall have the
remaining contract work completed, Surety to remain liable hereunder for all
expenses of completion up to but not exceeding the penal sum stated
above.
The Surety hereby stipulates and agrees that no change,
extension of time, alteration or addition to the terms of the Contract or to
the work to be performed thereunder or the Specifications accompanying the same
shall in any way affect its obligation on this Performance 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.
This Performance Bond shall be governed by and construed in
accordance with the laws of the State of Maryland and any reference herein to
Principal or Surety in the singular shall include all entities in the plural
who or which are signatories under the Principal or Surety heading
below.
IN WITNESS WHEREOF, Principal and Surety have set their hands
and seals to this Performance Bond. If any individual is a signatory under the
Principal heading below, then each such individual has signed below on his or
her own behalf, has set forth below the name of the firm, if any, in whose name
he or she is doing business, and has set forth below his or her title as a sole
proprietor. If any partnership or joint venture is a signatory under the
Principal heading below, then all members of each such partnership or joint
venture have signed below, each member has set forth below the name of the
partnership or joint venture, and each member has set forth below his or her
title as a general partner, limited partner, or member of joint venture,
whichever is applicable. If any corporation is a signatory under the Principal
or Surety heading below, then each such corporation has caused the following:
the corporation's name to be set forth below, a duly authorized representative
of the corporation to affix below the corporation's seal and to attach hereto a
notarized corporate resolution of power of attorney authorizing such action,
and each such duly authorized representative to sign below and set forth below
his or her title as a representative of the corporation. If any individual acts
as a witness to any signature below, then each such individual has signed below
and has set forth below his or her title as a witness. All of the above has
been done as of the Date of Bond shown above.
|
In Presence of: Witness:
___________________as to
|
Individual Principal
______________(SEAL)
|
|
In Presence of: Witness:
______________________
|
Co-Partnership Principal
____________(SEAL)
|
|
______________________as to
______________________as to
______________________as to
|
(Name of Co-Partnership)
By:______________________ (SEAL)
______________________(SEAL)
______________________ (SEAL)
|
|
Attest:
______________________as to Corporate
Secretary
|
Corporate Principal
______________________
(Name of Corporation)
AFFIX
By:______________________ CORPORATE
President SEAL
|
|
Attest: (SEAL)
______________________
Signature
Bonding Agent's Name:______________________
Agent's Address______________________
|
______________________
(Corporate Surety)
By:______________________ SEAL
Title______________________
__________________________
(Business Address of Surety)
|
|
Approved as to legal form and sufficiency this
_____ day of_______ 20__
__________________________
Asst. Attorney General
|
B. Payment Bond. The required payment bond
shall be in the form specified as follows: PAYMENTBOND
|
Principal
|
Business Address of Principal
|
|
Surety
a corporation of the State of_____________ and
authorized to do business in the State of Maryland Penal Sum of Bond (express
in words and figures)
Description of Contract
Contract Number:_______________
|
Obligee
ST A TE OF MARYLAND
Date of Contract
__________,20___
Date Bond Executed
___________,20___
|
KNOW ALL BY THESE PRESENTS, That we, the Principal named
above and Surety named above, being authorized to do business in Maryland, and
having business address as shown above, are held and firmly bound unto the
Obligee named above, for the use and benefit of claimants as hereinafter
defined, in the Penal Sum of this Payment Bond stated above, for the payment of
which Penal Sum we bind ourselves, our heirs, executors, administrators,
personal representatives, successors, and assigns, jointly and severally,
firmly by these co-sureties, bind ourselves, our successors and assigns, in
such Penal Sum jointly and severally as well as severally only for the purpose
of allowing a joint action or actions against any or all of us, and for all
other purposes each co-surety binds itself, jointly and severally with the
Principal, for the payment of such sum as appears above its name below, but if
no limit of liability is indicated, the limit of such liability shall be the
full amount of the Penal Sum.
WHEREAS, Principal has entered into or will enter into a
contract with the State, by and through the Administration named above acting
for the State of Maryland, which contract is described and dated as shown
above, and incorporated herein by reference. The contract and all items
incorporated into the contract, together with any and all changes, extensions
of time, alterations, modifications, or additions to the contract or to the
work to be performed thereunder or to the Plans, Specifications, and Special
Provisions, or any of them, or to any other items incorporated into the
contract shall hereinafter be referred to as the "Contract".
WHEREAS, it is one of the conditions precedent to the final
award of the Contract that these presents be executed.
NOW THEREFORE, the condition of this obligation is such that
if the Principal shall promptly make payment to all claimants as hereinafter
defined, for all labor and materials furnished, supplied and reasonably
required for use in the performance of the Contract, then this obligation shall
be null and void; otherwise it shall remain in full force and effect, subject
to the following conditions:
1. A
claimant is defined to be any and all of those persons supplying services or
materials (including lessors of equipment to the extent of the fair market
value thereof) to the Principal or its subcontractors and subcontractors in the
prosecution of the work provided for in the Contract.
2. The above named Principal and Surety
hereby jointly and severally agree with the Obligee that every claimant as
herein defined, may sue on this Bond for the use of such claimant and prosecute
the suit to final judgment for such sum or sums as may be justly due claimant
and have execution thereon. The Obligee shall not be liable for the payment of
any costs or expenses of any such suit.
The Surety hereby stipulates and agrees that no change,
extension of time, alteration or addition to the terms of the Contract or to
the work to be performed thereunder or the Specifications accompanying the same
shall in any way affect its obligation on this Payment 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.
This Payment Bond shall be governed by and construed in
accordance with the laws of the State of Maryland and any reference herein to
Principal or Surety in the singular shall include all entities in the plural
who or which are signatories under the Principal or Surety heading
below.
IN WITNESS WHEREOF, Principal and Surety have set their hands
and seals to this Payment Bond. If any individual is a signatory under the
Principal heading below, then each such individual has signed below on his or
her own behalf, has set forth below the name of the firm, if any, in whose name
he or she is doing business, and has set forth below his or her title as a sole
proprietor. If any partnership or joint venture is a signatory under the
Principal heading below, then all members of each such partnership or joint
venture have signed below, each member has set forth below the name of the
partnership or joint venture, and each member has set forth below his or her
title as a general partner, limited partner, or member of joint venture,
whichever is applicable. If any corporation is a signatory under the Principal
or Surety heading below, then each such corporation has caused the following:
the corporation's name to be set forth below, a duly authorized representative
of the corporation to affix below the corporation's seal and to attach hereto a
notarized corporate resolution of power of attorney authorizing such action,
and each such duly authorized representative to sign below and set forth below
his or her title as a representative of the corporation. If any individual acts
as a witness to any signature below, then each such individual has signed below
and has set forth below his or her title as a witness. All of the above has
been done as of the Date of Bond shown above.
|
In Presence of:
Witness:
_________________as to
|
Individual Principal
_________________(SEAL)
|
|
In Presence of:
Witness:
______________as to
______________as to
______________as to
|
Co-Partnership Principal
______________________(SEAL)
(Name of Co-Partnership)
By:______________________ (SEAL)
______________________(SEAL)
______________________ (SEAL)
|
|
Attest:
_______________________
Corporate Secretary
|
Corporate Principal
_______________________
(Name of Corporation)
AFFIX
By:________________ CORPORATE
President SEAT
|
|
Attest: (SEAT)
_________________
Signature
Bonding Agent's Name:____________
Agent's Address______________
|
(Corporate Surety)
By:_____________ SEAT
Title__________________________
______________________________
(Business Address of Surety)
|
|
Approved as to legal form and sufficiency this
_______ day of__________ 20__
_____________________________
Asst. Attorney General
|
