Name of the Procuring Entity

Project Reference Number

Name of the Project
Location of the Project

Standard Form Number: SF-GOOD-54

Revised 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 Fund

Principal
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.

Name of the Procuring Entity

Project Reference Number

Name of the Project
Location of the Project

By:

By:

____________________

____________________

NOT VALID WITH ERASURES

SIGNED IN THE PRESENCE OF:

____________________
____________________

____________________
____________________

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.