Republic of the Philippines
Name of the Procuring Entity
Project Reference Number
Name of the Project
Location of the Project
Standard Form Number: SF-GOOD-54Revised on: May 24, 2004
Performance Security: GSIS Bond
Republic of the Philippines
GOVERNMENT SERVICE INSURANCE SYSTEM
GENERAL INSURNCE FUND
GSIS Makati Building, Legaspi St.
Legaspi Village, Makati, Metro Manila
G ( ) GIF Bond _____
KNOW ALL MEN BY THESE PRESENTS:
That we, _________________________________________________
represented by its ________________________________, as Principal
and the GOVERNMENT SERVICE INSURANCE SYSTEM as Administrator of the
General Insurance Fund a corporation duly organized and existing
under and by virtue of the laws of the Philippines, with head
office at Manila, its SURETY, are held and firmly bound unto the
_____________________ in the sum of PESOS ________________
(P_______), Philippine Currency for the payment of which sum well
and truly to be made, we bind ourselves, our heirs, executors,
administrators, successors and assigns, jointly and severally,
firmly by these presents.
THE CONDITIONS OF THIS OBLIGATION are as follows:
WHEREAS, the above _______ PRINCIPAL on the _______ day of
________, 20 ______ into a contract with ___________________
represented by____________________ to fully and faithfully.
WHEREAS, said contract requires the said PRINCIPAL to give a
sufficient bond in the above stated sum to __________ the full and
faithful performance on its part of said contract
_________________.
NOW, THEREFORE, if the PRINCIPAL shall perform well and truly
and fulfill all the undertakings, covenants, terms, conditions and
agreements of said contract, then this obligation shall be null and
void; otherwise, it shall remain full force and effect.
The liability of the SURETY under this bond will expire on
_________, 20 _______ and said bond will be cancelled ten (10) days
after the expiration __________ SURETY is notified in writing of
any existing obligation thereunder.
IN WITNESS WHEREOF, we have set out hands and signed our names
on the _______ day of _______, 20 _____, at _____________________,
Philippines.
GOVERNMENT SERVICE INSURANCE SYSTEM
General Insurance FundPrincipal
By:
By:
____________________
____________________
SIGNED IN THE PRESENCE OF:____________________
____________________
____________________
____________________
NOT VALID WITH ERASURES
A surety bond callable upon demand is a form of performance
security that the winning bidder may post as a requirement for
contract signing. This shall be in the amount of 30% of the
contract price.
