Mississippi Administrative Code › Title 12 - Finance and Administration › Part 3 - Bureau of Building, Grounds and Real Property Management › Chapter 2 - Rules for the Bureau of Building, Grounds and Real Property Management › Rule 12-3-2.1 - Policies and Procedures › Division 12-3-2.1-0 - BIDDING AND CONTRACT REQUIREMENTS › Section 12-3-2.1-0-00600 - CONTRACT BOND

Current through June 25, 2024
I. PREAMBLE
KNOW ALL MEN BY THESE PRESENTS: THAT
						________________________________________________________________________ ,
						Principal, a
						_________________________________________________________________________________________________
						, residing at
						_____________________________________________________________________ ,
						authorized to do business in the State of Mississippi under the laws thereof,
						and ________________________________________________________________ Surety, a
						corporation of the State of ___________________________________ , authorized to
						do business in the State of Mississippi under the laws thereof, are held and
						firmly bound unto the Bureau of Building, Grounds and Real Property Management
						of the State of Mississippi, Obligee, hereinafter referred to as "Owner," for
						the use and benefit of the Owner and those claimants and others set forth
						hereinbelow and described in Sections
						31-5-51
						and
						31-5-3,
						Mississippi Code of 1972, Annotated, as amended, in the amount of
						___________________________________________________________
						__________________________________________________________________ Dollars ($
						________________________________ ), lawful money of the United States, for the
						payment whereof Principal and Surety bind themselves, their heirs, executors,
						administrators, successors and assigns, jointly and severally, firmly by these
						present.
WHEREAS, Principal has by written agreement dated
						________________________________ , 20 ___________ , entered into a Contract
						with the Owner for the following:
						__________________________________________________________________________________________________________________
						__________________________________________________________________________________________________________________
						__________________________________________________________________________________________________________________
						as provided in said Contract and in accordance with the Contract Documents. All
						of the terms and provisions of the above mentioned Contract, drawings, Project
						Manual, and addenda are by reference made a part hereof and fully incorporated
						herein, and are hereinafter referred to as "the Contract." All of the terms and
						provisions of Sections
						31-5-51,
						31-5-3,
						supra, Section
						31-5-53
						of the
Mississippi Code of 1972, Annotated
, as amended, and all
						other code sections cited herein are also by reference made a part hereof and
						fully incorporated herein.
II. PERFORMANCE BOND
NOW, THEREFORE, the condition of this Performance Bond is
						such that if Principal shall promptly and faithfully perform said Contract,
						then this obligation shall be null and void; otherwise, it shall remain in full
						force and effect, subject however, to the following conditions:
Whenever the Owner has performed its obligation but the
						Principal has defaulted under the terms of the Contract, or any portion
						thereof, and the Owner has declared the Principal to be in default, the Surety
						shall promptly:
1. Remedy the default,
					 or
2. Complete the Contract in
					 accordance with its terms and conditions, or
3. Procure the completion of the Contract in
					 accordance with its terms and conditions.
Even if there should be a succession of defaults, the
						Surety is responsible for completion of the Contract. The Surety shall provide
						sufficient funds to pay the cost of completion of the Contract in its entirety
						including other costs and damages for which the Surety may be liable
						thereunder, less the balance of the Contract price. The term "balance of the
						Contract price," as used in this paragraph, shall mean the total amount payable
						by Owner to Principal under the Contract and any Change Orders thereto, less
						the amount paid by Owner to Principal.