|
14
<br />LABOR AND MATERIAL PAYMENT BOND
<br />NOW, THEREFORE, THE CONDITION OF THIS osi 1GATION is such that, if Principal shall promptly make payment to all
<br />claimants as hereinafter defined, for all labor and material used or reasonably required for use in the performance of the
<br />Contract, then this obligation shall be void, otherwise It shall remain in full force and effect, subject, however, to the fol-
<br />lowing conditions:
<br />1. A claimant is defined as one having a direct con-
<br />tract with the Principal or with a Subcontractor of the
<br />Principal for labor, material, or both, used or reasonably
<br />required for use in the performance of the Contract,
<br />labor and material being construed to include that part of
<br />water, gas, power, light, heat, oil, gasoline, telephone
<br />service or rental of equipment directly applicable to the
<br />Contract,
<br />Z. The above named Principal and Surety hereby
<br />jointly and severally agree with the Owner that every
<br />claimant as herein defined, who has not been paid in
<br />full before the expiration of a . period of ninety (90)
<br />days after the date on which the last of such claimant's
<br />work or labor view done or performed, or materials ere
<br />furnished by such claimant, may sue on this bond w for
<br />the use of such claimant, prosecute the suit to final
<br />judgment for such sum or sums as may be justly due
<br />claimant, and have execution thereon. The Owner shall
<br />not be liable for the payment of any costs or expenses
<br />of any such suit.
<br />3. No suit or action shall be commenced hereunder
<br />by any claimant:
<br />a) Unless claimant, other than one having a direct
<br />contract with the Principal, shall have given written
<br />notice to any two of the following: the Principal, the
<br />Owner, or the Surety above named, within ninety (90)
<br />days after such claimant did or performed the last of
<br />the work or labor, or furnished the last of the materials
<br />for which said claim is made, stating with substantial
<br />Signed and sealed this 20th. day of
<br />accuracy the amount claimed and the name of the party
<br />to whom the materials were furnished, or for whom
<br />the work or labor was done or performed. Such notice
<br />shall be served by mailing the same by registered mail
<br />or certified mail, postage prepaid, in an envelope ad-
<br />dressed to the Principal, Owner or Surety, at any place
<br />where an office is regularly maintained for the trans-
<br />action of business, or served in any manner in which
<br />legal process may be served in the state in which the
<br />aforesaid project is located, save that such service need
<br />not be made by a public officer.
<br />b) After the expiration of one (1) year following the
<br />date on which Principal ceased Work on said Contract,
<br />it being understood, however, that if any limitation em-
<br />bodied in this bond is prohibited by any law controlling
<br />the construction hereof such limitation shall be deemed
<br />to be amended so as to be equal to the minimum period
<br />Of limitation permitted by such law.
<br />c) Other than in a state court of competent jurisdiction
<br />in and for the county or other political subdivision of
<br />the state in which the Project, or any part thereof, is
<br />situated, or in the United States District Court for the
<br />district in which the Project, or any part thereof, is sit-
<br />uated, and not elsewhere.
<br />4. The amount of this bond shall be reduced by and
<br />to the extent of any payment or payments made in good
<br />faith hereunder, inclusive of the payment by Surety of
<br />mechanics' liens which may be filed of record against
<br />said improvement, whether or not claim for the amount
<br />of such lien be presented under and against this bond.
<br />March, 19 91
<br />Trout & Riggs Construction Co. Inc.
<br />f(-- ' Tvu_ (Principal) Iseall
<br />Z,(
<br />(WrinrsS)
<br />_1
<br />( ula) r ol
<br />Great American Insurance 6mpany
<br />4k (Surely) IScall
<br />AA
<br />der Sn i (ritfr )
<br />�-��— Attorney-in-fact
<br />iflanearl pecirlar* Anew* al
<br />AIA DOCUMENT A311 . PERFORMANCE BOND AND LABOR AND MATERIAL PAYMENT BOND • AIA
<br />FEBRUARY 1970 ED, • THE AMERICAN INSTITUTE OF ARCHITECTS, 17:3S N.Y_ AVE., N.W., WASHINGTON, D. C. 29M6
<br />4
<br />
|