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SECTION 00 61 1113
<br />PERFORMANCE BON
<br />STATE OF TEXAS §
<br />§ KNOW ALL
<br />COUNTY OF LAMAR §
<br />That hereinafter called
<br />"Principal," arid , a corporation
<br />organized and existing under the laws of the State of and fully licensed to
<br />transact business in the State of Texas, hereinafter called "Surety," are held and firmly bound unto
<br />the CITY OF PARIS, TEXAS a home -rule municipal corporation, hereinafter called "Beneficiary," in
<br />the penal sum of DOLLARS
<br />($ ) plus fifteen percent (15%) of the stated penal sum as an additional sum of
<br />money representing additional court expenses, attorney's fees, and liquidated damages arising out of
<br />or connected with the below identified Contract in lawful money of the United States, to be paid in
<br />Lamar County, Texas, for the payment of which sum well and truly to be made, we bind ourselves,
<br />our heirs, executors, administrators and successors, jointly and severally, firmly by these presents.
<br />This Bond shall automatically be increased by the amount of any Change Order or Supplemental
<br />Agreement which increases the Contract price, but in no event shall a Change Order or Supplemental
<br />Agreement which reduces the Contract price decrease the penal sum of this Bond.
<br />THE OBLIGATION TO PAY SAME is conditioned as follows: Whereas, the Principal entered
<br />into a certain written Contract with the Beneficiary, dated the day of
<br />A.D. which is made a part hereof by reference, for the construction
<br />of certain public improvements that are generally described as follows:
<br />NOW, THEREFORE, if the Principal shall well, truly and faithfully perform and fulfill all of the
<br />undertakings, covenants, terms, conditions and agreements of said Contract in accordance with the
<br />plans, specifications and contract documents during the original term thereof and any extension
<br />thereof which may be granted by the Beneficiary, with or without notice to the Surety, and during the
<br />life of any guaranty or warranty required under this Contract, and shall also well and truly perform and
<br />fulfill all the undertakings, covenants, terms, conditions and agreements of any and all duly authorized
<br />modifications of said Contract that may hereafter be made, notice of which modifications to the Surety
<br />being hereby waived; and, if the Principal shall repair and/or replace all defects due to faulty materials
<br />and workmanship that appear within a period of one (1) year from the date of final completion and
<br />final acceptance of the Work by Beneficiary; and, if the Principal shall fully indemnify and save
<br />harmless the Beneficiary from all costs and damages which Beneficiary may suffer by reason of
<br />failure to so perform herein and shall fully reimburse and repay Beneficiary all outlay and expense
<br />which the Beneficiary may incur in making good any default or deficiency, then this obligation shall be
<br />void; otherwise, it shall remain in full force and effect.
<br />PROVIDED FURTHER, that if any legal action be filed on this Bond, exclusive venue shall lie
<br />in Lamar County, Texas.
<br />PROVIDED FURTHER, that the said Surety, for value received, hereby stipulates and agrees
<br />that no change, extension of time, alteration or addition to the terms of the Contract or to the Work to
<br />be performed thereunder or the Specifications accompanying the same shall in anywise affect its
<br />obligation on this Bond, and it does hereby waive notice of any such change, extension of time,
<br />alteration or addition to the terms of the Contract, or to the Work or to the Specifications.
<br />City of Paris, Texas 00 61 13.13 — Page 1 of 3 Performance Bond
<br />9/10/2020
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