HomeMy WebLinkAboutPerformance BondTHE AMERICAN INSTITUTE OF ARCHITECTS
AIA Document A317
Performance Bond
KNOW ALL MEN BY THESE PRESENTS: that
as Principal, hereinafter called Contractor, and,
as Surety, hereinafter called Surety, are held and firmly bound unto
as Obligee, hereinafter called Owner, in the amount of
Dollars ($ ),
for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
WHEREAS,
Contractor has by written agreement dated 19 , entered into a comract with Owner for
(Here insert (uJt name, address and description ol project)
in accordance with Drawings and Specifications prepared by
which contract is by reference made a part hereof, and is hereinafter referred to as the Contract.
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PERFORMANCE BOND
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contraclor shall promptly and failhfulJy perform
said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect.
The Surety hereby waives notice of any alteration or
extension of time made by the Owner.
Whenever Contractor shall be, and declared by Owner
to be in default under the Contract, the Owner having
performed Owner's obligations thereunder, the Surety
may promptly remedy the default, or shall promptly
1) Complete the Contract in accordance with its terms
and conditions, or
2) Obtain a bid or bids for completing the Contract in
accordance with ~ts terms and conditions, and upon de-
termination by Surety of the lowest responsible bidder,
or, if the Owner elects, upon determination by the
Owner and the Surety jointly of the lowest responsible
bidder, arrange for a contract between such bidder and
Owner, and make available as Work progresses (even
though there should be a default or a succession of
defaults under the contract o~' contracts of completion
arranged under this paragraph) sufficient funds to pay the
cost of completion less lhe balance of the contract price;
but not exceeding, including other costs and damages
for which the Surety may be liable hereunder, the amount
set forth in the first paragraph hereof. The lerm "balance
of the contract price," as used in this paragraph, shall
mean the total amount payabte by Owner to Contractor
under the Contract and any amendments thereto, less
the amount properly paid by Owner to Contraclor.
A~y suit under this bond must be instituted before
the expiration of two (2) years from the date on which
final payment under the Contract falls due.
No right of action shall accrue on this bond to or for
the use of any person or corporation other than Ihe
Owner named herein or the heirs, executors, adminis-
trators or successors of lhe Owner.
Signed and sealed this
day of 19
tWi~nes~)
AIA DOCUMENT A.111 * PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND * AIA ~
FEBRUARY lq70 Et). · THE AMERICAN INSTITUTE ¢1F ARCHITECTS, 17.15 N.Y. AVE., N.W., WASHINGTON, O. C. 20006
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