China Bank Performance Bond Template

A performance bond is a financial guarantee provided by a bank on behalf of a contractor or project owner. It ensures that the contractor will fulfill their obligations and complete the project as agreed upon in the contract. The purpose of this document is to provide you with a template for a performance bond issued by China Bank.

Performance Bond

No.:

Date:

To: [Name of beneficiary]

Address: [Beneficiary's address]

We, China Bank, hereby issue this performance bond in favor of [Name of beneficiary], hereinafter referred to as the "Beneficiary," in accordance with the terms and conditions stated below.

Bond Details

Principal: [Name of contractor]

Address: [Contractor's address]

Obligation: The Principal has entered into a contract with the Beneficiary, dated [Contract date], for the execution of [Project name]. The Principal agrees to perform and complete the said project within the agreed-upon time frame and in compliance with the contract specifications.

Contract Amount: [Total contract amount]

Bond Amount: [Percentage of the contract amount to be covered by the bond]

Bond Expiry Date: [Bond expiry date]

Obligations of China Bank

In consideration of the Beneficiary accepting this bond, China Bank undertakes to pay the Beneficiary an amount equal to the bond amount if the Principal fails to fulfill their obligations under the contract.

The claim by the Beneficiary should be accompanied by a written notice of default, specifying the nature of the default and providing supporting documents as evidence within [Number of days] working days from the date of default.

China Bank agrees that no extensions of time, alterations, or variations in the terms of the contract shall release China Bank from its obligations under this bond.

Limits and Liability

The liability of China Bank under this performance bond shall be limited to the bond amount specified above. The aggregate liability of China Bank in respect of all claims made during the bond period shall not exceed the bond amount.

China Bank's liability under this bond shall cease upon the expiration date mentioned above, unless a valid claim has been made by the Beneficiary before the expiry of the bond.

Governing Law and Jurisdiction

This performance bond is governed and interpreted by the laws of [Country name]. Any dispute arising under or in connection with the performance bond shall be subject to the exclusive jurisdiction of the courts in [City], [Country name].

The language of this bond shall be English. In case of any discrepancy between the English version and any translation of this bond, the English version shall prevail.

[Authorized signatory]

[China Bank]

[Date]