Indiana § 8-23-9-12 Performance bond form

Indiana Statutes

§ 8-23-9-12 — Performance bond form

Indiana·Art. 23 INDIANA DEPARTMENT OF·Ch. 9 State Highway Contracts; General Powers

The bond provided in this section must be in
substantially the following form:
"KNOW ALL PERSONS BY THESE PRESENTS, THAT
___________________ as principal and ___________________ as
surety, are firmly bound unto the state of Indiana in the penal sum of
an amount equal to ____ percent of the principal's bid or the contract
price, if the proposal is accepted for the payment of which, well and
truly to be made, we bind ourselves, jointly and severally, and our joint
and several heirs, executors, administrators, and assigns, firmly by
these presents, this ____ day of _________, ____.
"THE CONDITIONS OF THE ABOVE OBLIGATIONS ARE
SUCH That, Whereas, the principal is herewith submitting a bid and
proposal for the erection, construction, and completion of
____________________ in accordance with the

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The bond provided in this section must be in
substantially the following form:
"KNOW ALL PERSONS BY THESE PRESENTS, THAT
___________________ as principal and ___________________ as
surety, are firmly bound unto the state of Indiana in the penal sum of
an amount equal to ____ percent of the principal's bid or the contract
price, if the proposal is accepted for the payment of which, well and
truly to be made, we bind ourselves, jointly and severally, and our joint
and several heirs, executors, administrators, and assigns, firmly by
these presents, this ____ day of _________, ____.
"THE CONDITIONS OF THE ABOVE OBLIGATIONS ARE
SUCH That, Whereas, the principal is herewith submitting a bid and
proposal for the erection, construction, and completion of
____________________ in accordance with the plans and
specifications approved and adopted by the department, which are
made a part of this bond:
"NOW, THEREFORE, if the department shall award the principal
the contract for work and the principal shall promptly enter into a
contract with the department in the name of the state of Indiana for the
work and shall well and faithfully do and perform the same in all
respects according to the plans and specifications adopted by the
department, and according to the time, terms, and conditions specified
in the contract to be entered into, and in accordance with all
requirements of law, and shall promptly pay all debts incurred by the
principal or any subcontractor in the construction of the work,
including labor, service, and materials furnished, then this obligation
shall be void; otherwise to remain in full force, virtue, and effect.
"IT IS AGREED that no modifications, omissions, or additions in
or to the terms of such contract or in or to the plans or specifications
therefor shall in any wise affect the obligation of such sureties on its
bond.
"IN WITNESS WHEREOF, we hereunto set our hands and seals
this ___ day of _________, 20__.".