PERFORMANCE BOND, 계약 이행 보증용 금전 채무 증서, 영문계약서

PERFORMANCE BOND

 

 

BY THIS BOND dated the [•] day of [•], 20 [•].

 

 

We, [Name of the Contractor] whose registered office is at [Address] (“the Contractor”) and [Name of the surety] whose registered office is at [Address] (“the Surety”) are irrevocably and unconditionally bound to [Name of the employer] (together with its successors and assigns, “the Employer”) in the sum of [•] United States Dollars ( US$ [•] ) (“the Bonded Sum”) for payment of which sum the Contractor and Surety bind themselves their successors and assigns jointly and severally in accordance with the provisions of this Bond.

 

FACTS

 

(A)        By a contract Ref. No. [•] dated [•] (“the Contract”) made between the Employer and the Contractor, the Contractor has agreed to execute and complete certain works (“the Works”) upon the terms and conditions contained in the Contract.

 

(B)        Pursuant to the terms of the Contract, the Contractor agreed to obtain the guarantee of a surety to be bound to the Employer for the due performance of the Contract by the Contractor.

 

NOW THE TERMS AND CONDITIONS of this Bond are:

 

1.          Where applicable, works and expressions used in this Bond shall have the meaning assigned to them in the Contract.

 

2.          In the event of default by the Contractor in respect of any of its obligations under the Contract, the Surety shall upon demand made by the Employer in writing and without proof or conditions satisfy and discharge any damages, losses, charges, costs or expenses sustained by the Employer thereby up to the amount of the Bonded Sum.

 

3.          The liability of the Surety under this Bond shall remain in full force and effect and shall not be affected or discharged in any way by, and the Surety hereby waives notice of :

3.1  Any suspension of the Works, variation to or amendment of the Contract (including without limitation extension of time for performance or adjustment to the amount payable to the Contractor under the Contract)

 

or any concession or waiver by the Employer in respect of the Contractor’s obligations under the Contract ;

 

3.2  The termination of the Contract or of the employment of the Contractor under the Contract as a result of default by the Contractor under the Contract ;

 

3.3  Any forbearance or waiver of any right of action or remedy the Employer may have against the Contractor or negligence by the Employer in enforcing any such right of action or remedy ;

 

3.4  Any other bond, security or guarantee held or obtained by the Employer for any of the obligations of the Contractor under the Contract, or any release or waiver thereof ;

 

3.5  Any act or omission of the Contractor pursuant to any other arrangement with the Surety ;

 

3.6  Subject to Clause 4.2 below, the issue of any Certificate of Substantial Completion in respect of the Works ;

 

3.7  Any objection made by the Contractor ;

 

3.8  The requirement for the Employer to file proceedings for compulsory execution against the property of the Contractor prior to any demand against the Surety as provided in the Article [•].

 

4.          The liability of the Surety under this Bond shall cease on whichever of the following events first occurs:

 

4.1  Payment by the Surety of the Bonded Sum in full to the Employer ; or

 

4.2  Issue of either the Certificate of Substantial Completion of the Works or, in the event of completion of parts of the Works for which separate Certificates of Substantial Completion are issued, issue of the last such certificate required in accordance with the Contract.

 

5.          The Employer shall be entitled to assign the benefit of this Bond at any time without the consent of the Surety or the Contractor being required.

 

6.          All documents arising out of or in connection with this Bond shall be served :

 

6.1   Upon the Employer, at [Address of the Employer], marked for the attention of Employer’s Representative ;

 

6.2   Upon the Surety, at [Address of the Surety].

 

7.          The Employer and the Surety may change their respective nominated address for service of documents to another address in the [Name of the Country] but only by prior written notice to each other. All demands and notices must be in writing.

 

8.          This Bond shall be governed by and construed according to the law for the time being in force in the [Name of the Country] and the Surety agrees to submit to the non-exclusive jurisdiction of the courts of the [Name of the Country].

 

 

 

IN WITNESS whereof this Bond has been executed as a deed on the date first above written.

 

 

 

 

THE COMMON SEAL of [•]

 

was affixed hereto in the presence of : [•]

 

                                                  

Director

 

                                                   

Director/Secretary

 

 

OR

 

SIGNED SEALED and DELIVERED for [•]

 

                                                 

 

and on behalf of and as lawful attorney of [•]

[•] under power of attorney

dated [•] by [•]

in the presence of : [•]

 

 

 

                                                   

[Name]

[Occupation]

 

4 Performance Bond.doc