Agenda - 02-17-1987 - Laserfiche WebLink

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Duplicate of A.I.A. Form A311 Feb. 1970 Edition r • FMEKANS FM 0� �� PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: That Ir19 ARM C0382RM011 COMPAKro, XCt - -- . (Here insert full name and address or legal title of Contractor) p.0. Box 1656, DAwnLz 9A 24 as Principal,hereinafter called Contractor,and (Here insert full name and address or legal title of Surety) FA 2W3Q- as Surety, hereinafter called Surety, are held and firmly bound unto 3w Fish T*toat Kjiz .0 (Here insert Tull name and address or legal title of Owner) as Obligee, hereinafter called Owner, in the amount of -------Dollars ($ ), for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Contractor has by written agreement dated FfMSY 2. 14� entered into a contract with Owner for Film Y331W COMMME Y PARS _-- in accordance with drawings and specifications prepared by (Here insert full name and address or legal title of Architect) which contract is by reference made a part hereof, and is hereinafter referred to as the Contract. 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 extension of time made by the Owner. Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly 1) Complete the Contract in accordance with its terms and conditions, or 2) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest respon- sible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which 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 this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor- Any suit under this bond must be instituted before the expiration of two (2) years from the date on which final payment under the Contract falls due. 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 the heirs, executors, administrators or successors of Owner. Signed and sealed this bx _—day of Fef r9 A.D. 19_ 7 / (Princi ) (Seall (Witness) / (Title)�P% In INKMA= CWAY '7 l- (Surety) (Seal) (Wttnees) By Attorney-in-Fact 360532-6.70