Performance Bond - City Of Philadelphia printable pdf download

Bid No. insert bid number

PERFORMANCE BOND

Contract No. insert contract number

Bond No. _______________________________

Know all Men by these Presents, THAT WE, insert contractor name

Principal (hereinafter called the Principal Obligor), and

____________

(SURETY COMPANY)

Surety, are jointly and severally held and firmly bound unto The City of Philadelphia, in the sum of

insert contract limit numerically

insert contract limit in words

lawful money of the

United States of America, to be paid to the said City of Philadelphia, its successors and assigns; to which payment, well and truly to be made, we do

bind ourselves and each of us, our and each of our heirs, executors and administrators, successors and assigns, jointly and severally, firmly by these

presents.

Sealed with the corporate seal of the said insert contractor name

and with the corporate seal of the said

(

SURETY COMPANY)

duly attested by the proper officers thereof.

Dated the

day of

in the year of our Lord insert the current calendar year in words

( insert the current calendar numerically ) .

WHEREAS, the above bounden Principal Obligor, in and by a certain contract with The City of Philadelphia of even date herewith,

agreed to complete the

insert project description

and do all appurtenant and other work as

ordered and required by the

insert operating department name

in strict and exact accordance with a certain proposal and specifications

attached thereto and made a part thereof as is in said contract more fully set forth.

NOW THE CONDITION OF THIS OBLIGATION IS SUCH, That if the said Principal Obligor shall and do well and truly, in all

respects, comply with all the terms, conditions and covenants contained in the above-mentioned contract, and shall and do pay unto The City of

Philadelphia upon demand, any and all loss, damage and expenses which the said City may or shall sustain by reason of the failure of the said

Principal Obligor to comply with the terms of the said contract, it being hereby understood and agreed that the decision of the Procurement

Commissioner as to such failure in complying with the terms of the said contract and as to the amount of loss or damage sustained by reason thereof,

being binding and conclusive upon the parties hereto, then this obligation to be null and void; otherwise, to be and remain in full force and virtue.

The undersigned Principal Obligor and surety hereby agree that no modification of the terms of the above-mentioned contract or alteration

in the work to be done under it and no forbearance on the part of either the City or of the contractor to the other, either by the grant of an extension

of time for the performance of the contract or otherwise, shall be deemed to release the undersigned or either of them, their or either of their heirs,

executors, administrators or assigns, from their liability hereunder, notice to the Surety of any such modification, alteration, extension or forbearance

hereby being waived.

And we do for ourselves and each of us, our and each of our heirs, executors, administrators, successors and assigns, hereby authorize and

empower the City Solicitor of Philadelphia or any other attorney of any court of record in Pennsylvania or elsewhere by him deputized for the

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