HomeMy WebLinkAbout0935 PERF~RMANCE BOND
n~,~c. 7NEREfORE. THE Cl)~DITIOh Of TNIS UBIIGATiOy ic such lhat, i( Contract:?r shali promptly and faith(ully periurm
~.•~d Contract, then th~~ obligatio~ shall be null and ~-oid, othenvise it shall remain in full force and effect.
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The Surety hereby H•aives notice of ~x~(Qh~(~1(i or ~defaults unde? the conl~act or contracts of comple~~on
exten~ion ot time made by the Owner. arrangect under this paragraphl suffacient funds to pay the ~
Whenever Contractor shaU be, and declared by O~vner ~OSt of completion less the balance of the contract price;
to t~e in default under the Contract, the Owner having but not exceeding, induding other costs and damages
_ peric~rmed Owner's obGgations thereunder, the Surety for ~vhich ~he Surety may be I~able he~eunder, tfie amount
may promptly remedy the delault, or shall promptly set for~h in the (~rst paragraph hereo(. The term "balance
of the contract price," as used in this paragraph, shall
1~ Cumplete the Contract in acco?dance with its terms mean the total amount payable by O~vner to Contractor
and conditions, or under the Contract and any amendments thereto, less
the amount properly paid by Owner to Contractor.
2? Ot~tain a bid or bids for completing the Contract in
accordance ~vith its terms and conditions, and upon de- suit unde~*this bond must be instituted beiore
termination by Surety o( the I~~vest responsible hidder, the exp~~~~~of~~~~i~~f~~, ~~~X)F~1(~J(k~'k~'X
or, ~i the O~~ner elects, upon determination by the x~Xa xQ~dF~( ~C
O~vner and the Surety iointly of the lowest responsible No right o( action shall accrue on this bond to or ior
bidder, arrange for a contract between cuch bidder and the use o( any person or corporat~on other than the
O~+ner, and make available as Wor{: pro~recses (even O~vner named herein or the heirs, executor~, ac~minis-
thou~~h there should be a default or a succession of trators or successors of the Owner.
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* and agrees to alterations in the Contract which do not in the aggregate increase ;
the Contract Sum by more than one million ($1,000,000.00) dollars ~
Tive (5) years from the date c,n which final completion of the Wark on the Contract
occurs.
This bond is subject to the terms and limitations of Exhibits A and B attached her-eto
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Si~r,cci and ~c~alc~d this lOth da~~ of June 83 t
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~ RQDGERS CONSTRUCTION, INC. ` ~ `s~'
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r Countersi gned : BY : ~ • r, ~ : ~
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~ Florida Resident Agent ' ~ ~ ~ ~ •
~ NATIOt~AL E I AiJCE C~MPNNY OF~ HaR3FOR~
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