Orange County NC Website
Browse       Search
W <br />upon fifteen (15) days notice, sent by certified mail, return <br />receipt requested, to the Party of the First Part and his Surety, <br />declare this Contract in default, and, thereupon, such Surety <br />shall promptly take Qver the said work and complete the perfor- <br />mance of this Contract in the manner and within the time above <br />specified, and all funds due or to become due to the Party of the <br />First Part shall be paid to the S rety. In the event the Surety <br />shall fail to take over the work to be done under this Contract <br />within fifteen (15) days after being so notified and notify the <br />Party of the Second Part in writing, sent by certified mail, <br />return receipt requested, that he is taking the same over and <br />stating that he will diligently pulI-sue and complete the same, the <br />Party of the Second Part shall e.ve the right to let the work <br />remaining to be done to some other Contractor, either by public <br />letting or negotiation, and thereupon the Party of the First Part, <br />the Contractor, and the Surety on his Bond shall forthwith pay the <br />Party of the Second Part all increase in cost or loss and damage <br />which it may sustain on account of such default on the part of the <br />Party of the First Part. <br />3. The Party of the Second F <br />Party of the First Part for th, <br />Agreement, subject to additions ai <br />specifications or proposal, in la <br />as follows: One Million six hundred <br />*$1,568,000 <br />Summary of Contract Award: <br />4. On or before the 20th d <br />Party of the Second Part shall mz <br />First Part, on the basis of a duly <br />of work performed during the prece <br />Party, less five percent (5) of t <br />is to be retained by the Second Pi <br />formed strictly in accordance wit <br />work has been accepted by the Sec <br />elect to waive retainage recruirei <br />been satisfactorily complete on <br />cle 31 of the General Conditions. <br />5. Upon submission by the F. <br />tory to the Second Party that a <br />other costs incurred by the Fir: <br />construction of the work has beer <br />account of this Agreement shall <br />after the completion by the Fir: <br />this Agreement and the acceptan <br />Party. <br />6. It is further mutually a <br />that if at any time after the exe <br />Surety Bonds hereto attached fo:. <br />Second Party shall deem the Suret <br />be unsatisfactory, or if, for any <br />adequate to cover the performant <br />shall, at its expense, within fi; <br />notice from the Second Party so t <br />or Bonds in such form and amount, <br />as shall be satisfactory to the <br />art hereby agrees to pay to the <br />faithful performance of this <br />d deductions as provided in the <br />thousand e h United States <br />aolllars <br />($ 1'0UU'UUU.VV <br />rB <br />:ay of each calendar month, the <br />Ke payments to the Party of the <br />certified and approved estimate <br />ding calendar month by the First <br />ne amount of such estimate which <br />rty until all work has been per - <br />h this Agreement and until _such <br />)nd Party. The Second Party may <br />ents after 50% of the work has <br />;.chedule as referred to in Arti- <br />rst Party of evidence satisfac- <br />.1 payrolls, material bills and <br />t Party in connection with the <br />paid in full, final payment on <br />)e made within thirty (30) days <br />t Party of all work covered by <br />:e of such work by the Second <br />;reed between the parties hereto <br />:ution of this Agreement and the <br />its faithful performance, the <br />or Sureties upon such Bonds to <br />reason, such Bonds ceases to be <br />a of the work, the First Party <br />e (5) days after the receipt of <br />do, furnish an additional Bond <br />and with such Surety or Sureties <br />Second Party. In such event no <br />3 - 48 <br />