Performance Bond Template
A performance bond is a written agreement between a contractor and a client, also known as the obligee. It guarantees that the contractor will fulfill all the requirements of a contract, including completing the project on time, meeting quality standards, and paying subcontractors and suppliers. The performance bond serves as protection for the client in case the contractor fails to perform their contractual obligations. Here is a template for a performance bond:
Agreement made this [Date of Agreement] between [Name of Contractor], hereinafter referred to as the "Contractor," and [Name of Client], hereinafter referred to as the "Client."
The Contractor agrees to provide a performance bond in the amount of [Bond Amount] to the Client. The performance bond shall remain in full force and effect until the completion of the project and the final acceptance by the Client.
The Contractor shall be liable to the Client for any breach of contract or failure to meet the requirements outlined in the agreement. The Contractor agrees to indemnify and hold the Client harmless from any damages, losses, costs, or expenses incurred as a result of the Contractor's failure to perform.
In the event of a breach of contract by the Contractor, the Client may make a claim on the performance bond. The Client shall provide written notice to the Contractor within [Number of Days] days of the breach and specify the nature of the claim. The Client may also provide supporting documentation, if necessary.
In the event of a dispute between the Contractor and the Client regarding the performance bond, both parties agree to participate in good faith negotiations to resolve the dispute amicably. If the dispute cannot be resolved through negotiations, it shall be referred to mediation or arbitration, as agreed upon by both parties.
This performance bond shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any legal action or proceeding arising out of or relating to this performance bond shall be brought exclusively in the courts of [Jurisdiction].
This performance bond constitutes the entire agreement between the Contractor and the Client. It supersedes all prior oral or written agreements, understandings, or representations concerning the subject matter contained herein.
In witness whereof, the Contractor and the Client have executed this performance bond as of the date first above written.
[Name of Contractor]
[Title of Contractor]
[Name of Client]
[Title of Client]
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