Laserfiche WebLink
<br />-( j <br /> <br />PERFORMANCE BOND <br /> <br />HOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if OaltView CO!1st~ction Commercial Div., Inc. <br />shall promptly and faithfully perform this landscaping, then this obligation shall be null and void: otherwise it <br />shall remain in full force and effect. <br /> <br />The Surety hereby waives notice of any alteration or <br />extension of time made by the Owner, <br /> <br />Whenever Contractor shall be, and declared by Owner <br />to be in default under the Contract, the Owner having <br />performed Owner's obligations thereunder, the Surety <br />may promptly remedy the default, or shall promptly <br /> <br />1) Complete the Contract in accordance with its terms <br />and conditions, or <br /> <br />2) Obtain a bid or bids for completing the Contract in <br />accordance with Its terms and conditions, and upon de- <br />termination by Surety of the lowest responsible bidder, <br />or, if the Owner elects, upon determination by the <br />Owner and the Surety jointly of the lowest responsible <br />bidder, arrange for a contract between such bidder and <br />Owner, and make available as Work progresses (even <br />though there should be a default or a succession of <br /> <br />Signed and sealed this <br /> <br />1st <br /> <br />day of March <br /> <br />19 91 <br /> <br /> <br />0(})J <br /> <br />(W;ln('~~) <br />Robe,rtson, Secretary <br /> <br />,. <br /> <br />defaults under the contractor contracts of completion <br />arranged under this paragraph) sufficient funds to pay the <br />cost of completion less the balance of the contract price; <br />but not exceeding, including other costs and damages <br />for which the Surety may be liable hereunder. the amount <br />set forth in the first paragraph hereof. The term "balance <br />of the contract price," as used in this paragraph, shall <br />mean the total amount payable by Owner to Contractor <br />under the Contract and any amendments thereto, less <br />the amount properly paid by Owner to Contractor. <br /> <br />Any suit under this bond must be instituted before <br />the expiration of two (2) years from the date on which <br />final payment under the Contract falls due. <br /> <br />No right of action shall accrue on this bond to or for <br />the use of any person or corporation other than the <br />Owner named herein or the heirs, executors, adminis- <br />trators or successors of the Owner. <br /> <br />CW<VIEW C<NSTRUCI'ICN CCMERCIAL DIV., INC. <br /> <br />!BY <br /> <br />f Prinl'i/l../1 <br /> <br />ISral; , <br /> <br /> <br />NO SEAL <br /> <br />President <br /> <br />THE AMERICAN INSURANCE m1PANY <br /> <br />~ ~ IJ1 , I~! (~lIr(")') 0, <br />~Iw"nr'" . ~.Jof <br /> <br />, ,Titll'J ~ <br /> <br />CS<-~II <br /> <br />BRENDA UNZE Attorney-in-Fact <br /> <br />AlA DOCUMENT A311 . PERH>RM^NCE BOND AND lMOR AND MATERIAL PAYMENT BOND . AI^ @) <br />rfBRU^RY 1'170 ((),. THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 N.Y. AVE., N,W., WASHINGTON. D. C. 20006 <br /> <br />2 <br />