1995 S Purchasing - Sparrow and Sons, Inc. $76,759

Browse Search

PERFORMANCE BOND NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain In full force and effect The Surety hereby waives notice of any alteration or defaults under the contract or contracts of completion extension of time made by the Owner. arranged under this paragraph) sufficient funds to pay the Whenever Contractor shall be, and declared by Owner cost of completion less the balance of the contract price, to be in default under the Contract, the Owner having but not exceeding, Including other costs and damages for which the Surety may be liable hereunder, the amount performed Owner's obligations thereunder, the Surety set forth in the first paragraph hereof The term "balance may promptly remedy the default, or shall promptly of the contract price," as used In this paragraph, shall 1) Complete the Contract in accordance with its terms mean the total amount payable by Owner to Contractor and conditions, or under the Contract and any amendments thereto, less 2) Obtain a bid or bids for completing the Contract In the amount properly paid by Owner to Contractor. accordance with Its terms and conditions, and upon de- Any suit under this bond must be Instituted before termination by Surety of the lowest responsible bidder, the expiration of two (2) years from the date on which or, if the Owner elects, upon determination by the final payment under the Contract falls due. Owner and the Surety jointly of the lowest responsible No right of action shall accrue on this bond to or for bidder, arrange for a contract between such bidder and the use of any person or corporation other than the Owner, and make available as Work progresses (even Owner named herein or the heirs, executors, adminls- though there should be a default or a succession of trators or successors of the Owner. Signed and sealed this 2nd day of March, 1995 j, Sparrow & Sons, Inc. Prmolmll (Witne Title) Great American Insurance Company (Surert) Isca�i t°,Iq e,ra eA (Wilness) - Walter J. Snider, Attorney-in-Fact j 1,i GAUT101': You shoutc Stan z: original AIA document which has this caution Drintee 1- re:. An oriainai assures that chanties will not De ooscurea as may occur Wneh documents are reDroducE ;.. AIA DOCUMENT A311 • PERroRMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND • AIA 0 FEBRUARY 1970 ED.•THE AMERICAN INSTITUTE OF ARCHITECTS,1735 N.Y.AVE.,N.W.,WASHINGTON, D. C. 20006 2 WARNING: Unlicensed photocopying violates U.S.trademark laws and is subject to legal prosecution.