Bond - Faithful PerformanceCity of Camarillo Government Form in 2026

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The document is a Faithful Performance Bond for the City of Camarillo, outlining the obligations of the Principal to complete designated public improvements as per an agreement. It establishes a financial guarantee from the Principal and Surety to ensure compliance with the agreement's terms, including provisions for costs and attorney fees in case of enforcement. The bond remains effective unless the Principal fulfills all conditions specified in the agreement.
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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering the BOND NO. and PREMIUM NO. at the top of the form. These identifiers are crucial for tracking your bond.
  3. Fill in the PROJECT NO. and provide a brief description of the project related to this bond. This information helps clarify the purpose of the bond.
  4. In the WHEREAS section, input the name of the Principal who is responsible for completing the public improvements as per the Agreement.
  5. Specify the penal sum amount in dollars that represents your financial commitment under this bond.
  6. Complete any additional required fields, including signatures from both Principal and Surety, ensuring all signatures are properly notarized.

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While the contractor is the one who secures and pays for the performance bond upfront, that cost is usually factored into the total contract price. So in a roundabout way, the project owner does end up covering the costbut only as part of the broader budget for the job.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
Performance bonds serve as a crucial guarantee for the completion of contractual obligations, particularly in large construction or government projects. They act as a financial safeguard for the obligee, ensuring that if a contractor fails to fulfill their duties, any financial losses incurred can be recovered.
Performance bonds are refundable, but it depends on the situation. Performance bonds guarantee the successful completion of contracts, ensuring that a project will be finished, particularly if the contractor fails to fulfill their obligations.

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