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Bond No. B 276 94 19
<br /> RELIANCE INSURANCE COMPANY
<br /> Head Office,Philadelphia,Pennsylvania
<br /> PERFORMANCE BOND
<br /> The American Institute of Architects,AIA Document A311,February 1970 Edition
<br /> KNOW ALL MEN BY THESE PRESENTS: That (here insert full name and address of legal title of Contractor)
<br /> Blythe Construction,Inc.
<br /> Post Office Box 31635
<br /> Charlotte,NC 28231
<br /> as Principal,hereinafter called Contractor,and RELIANCE INSURANCE COMPANY,a corporation of the State of Pennsylvania,with
<br /> its Head Office at Philadelphia,Pennsylvania, as Surety,hereinafter called Surety, are held and firmly bound unto(Here insert full name
<br /> and address or legal title of Owner) The County of Orange
<br /> 200 S.Cameron Street
<br /> Hillsborough,NC 27278
<br /> as Obligee,hereinafter called Owner,in the amount of
<br /> One Hundred Seventy-six Thousand Eight Hundred and No/100------
<br /> Dollars ($176,800.00 ), for the payment whereof Contractor and Surety bind themselves,
<br /> their heirs, executors, administrators, successors and assigns,jointly and severally, firmly by these presents. WHEREAS, Contractor has
<br /> by written agreement dated June 2, , 1997 entered into a contract with Owner for
<br /> Orange County Motor Pool
<br /> Rework of existing ABC,new ABC,asphalt paving
<br /> BCI Job#71020-126
<br /> in accordance with Drawings and Specifications prepared by(Here insert full name and address or legal title of Architect)
<br /> which contract is by reference made a part hereof,and is hereinafter referred to as the Contract.
<br /> NOW,THEREFORE,THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully
<br /> perform said Contract,then this obligation shall be null and void;otherwise it shall remain in full force and effect.
<br /> The Surety hereby waives notice of any alteration or extension of time made by the Owner,
<br /> Whenever Contractor shall be,and declared by Owner to be in default under the Contract,the Owner having performed Owner's
<br /> obligations thereunder,the Surety may promptly remedy the default,or shall promptly
<br /> 1) Complete the Contract in accordance with its terms and conditions,or
<br /> 2) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by
<br /> Surety of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest
<br /> responsible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there
<br /> should be a default or the succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient
<br /> funds to pay the cost of completion less the balance of the contract price;but not exceeding, including other costs and damages for which
<br /> the Surety may be liable hereunder,the amount set forth in the first paragraph hereof. The term"balance of the contract price,"as used in
<br /> this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the
<br /> amount properly paid by Owner to Contractor.
<br /> Any suit under this bond must be instituted before the expiration of two (2)years from the date on which final payment under
<br /> the contract falls due.
<br /> No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or
<br /> the heirs,executors,administrators or successors of Owner.
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