09 - Pump Track Construction Contract with American Ramp Company

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MAINTENANCE BOND STATE OF TEXAS ) ) COUNTY OF LAMAR) KNOW ALL BY THESE PRESENTS: That whose address is , hereinafter referred to as "Principal," and ........... a corporate surety/sureties organized under the laws of the State of and fully licensed to transact business in the State of Texas, as Surety, hereinafter referred tows "Surety" (whether one or more), are held and firmly bound unto the CITY OF PARIS, Texas, a Texas municipal corporation, hereinafter referred to as "OWNER," in the penal sum of DOLLARS ($�m m m ___ .) (fifteen percent (15%) of the total bid price), in lawful money of the United States to be paid to OWNER, its successors and assigns, for the payment of which sum well and truly to be made, we bind ourselves, our successors, heirs, executors, administrators and successors and assigns, jointly and severally; and firmly by these presents, the condition of this obligation is such that: WHEREAS, Principal entered into a certain written Contract with the City of Paris, Texas, dated on or about the day of _ vv 20 , to furnish all permits, licenses, bonds, insurance, products, materials, equipment, labor, supervision, and other accessories necessary for the construction of: PARIS PUMP TRACK TPWD GRANT PROJECT 48-001178 in the City of Paris, Texas, as more particularly described and designated in the above - referenced contract, such contract being incorporated herein and made a part hereof as fully and to the same extent as if written herein word for word: WHEREAS, in said Contract, the Principal binds itself to use first class materials and workmanship and of such kind and quality that for a period of two (2) years from the completion and final acceptance of the improvements by OWNER the said improvements shall require no repairs, the necessity for which shall be occasioned by defects in workmanship or materials and during the period of two (2) years following the date of final acceptance of the Work by OWNER, Principal binds itself to repair or reconstruct said improvements in whole or in part at any time within said period of time from the date of such notice as the City Engineer, Director of Public Works or the Director of Community Services shall determine to be necessary for the preservation of the public health, safety or welfare. If Principal does not repair or reconstruct the improvements within the time period designated, OWNER shall be entitled to have said repairs made and charge Principal and/or Surety the cost of same under the terms of this Maintenance Bond. NOW, THEREFORE, if Principal will maintain and keep in good repair the Work herein contracted to be done and performed for a period of two (2) years from the date of final acceptance and do and perform all necessary work and repair any defective condition (it being 21