Orange County NC Website
Browse       Search
NOW, THEREFORE, in consideration of good and valuable consideration, the mutual <br />receipt and legal sufficiency of which are hereby acknowledged, the parties agree as follows: <br />1. Incorporation of Preamble and Recitals. The preamble and recitals to this <br />Amendment are hereby incorporated herein by reference and made a part of this Amendment. <br />2. Definitions. All capitalized terms used and not otherwise defined herein shall <br />have the meanings ascribed to them in the Agreement. All references in the Agreement to "this <br />Agreement" shall be deemed to be -the Agreement as amended by this Amendment unless the <br />context requires otherwise. <br />3. Bonds. Section 11.9 of the Agreement is deleted in its entirety and replaced with <br />the following: <br />11.9 Bonds <br />In accordance with N.C. Gen. Stat. § 143-128.1, the CM shall provide a performance <br />bond with a penal sum equal to 100% of the construction contract amount which amounts <br />equals Two Million Eight Hundred Six Thousand Ten and No/100 Dollars <br />($2,806,010.00) for the Public Library and Four Million Seven Hundred Eighty Thousand <br />Nine Hundred Twenty-Two and No/100 Dollars ($4,780,922.00) for the Office Building, <br />to guarantee the faithful performance of the Work, in such form as may be required by <br />law and approved by the Owner. <br />In accordance with N.C. Gen. Stat. § 143-128.1, the CM shall provide a labor and <br />material payment bond with a penal sum equal to 100% of the construction contract <br />amount which amounts equals Two Million Eight Hundred Six Thousand Ten and <br />No/100 Dollars ($2,806,010.00) -for the Public Library and Four Million Seven Hundred <br />Eighty Thousand Nine Hundred Twenty-Two and No/100 Dollars ($4,780,922.00) for the <br />2 <br />