2012-007 RES ACCEPTING/AWARDING BID FOR 2011-2012 WATER AND WASTEWATER CAPITAL IMPROVEMENTS TO FOUR THIRTEEN INC

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PERFORMANCE BOND STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LAMAR § That hereinafter cailed "Principal," and . a corporation organized and existing under the laws of the State of , and fuily licensed to transact business in the State of Texas, hereinafter called "Surety," are held and firmly bound unto the CITY OF PARIS, TEXAS a home-rule municipal corporation, hereinafter called "Benefiaary," in the penal sum of DOLLARS ) plus fifteen percent (15%) of the stated penal sum as an additional sum of money representing additional court expenses, attomeys' fees, and liquidated damages arising out of or connected with the below identified Contract in lawful money of the United States, to be paid in Lamar County. Texas, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally, firmly by these presents. This Bond shall automatically be increased by the amount of any Change Order or Supplemental Agreement which increases the Contract price, but in no event shall a Change Order or Supplemental Agreement which reduces the Contract prioe decrease the penal sum of this Bond. THE OBLIGATIOM TO PAY SAME is conditioned as follows: Whereas, the Principal entered into a certain written Contract with the Beneficiary, dated the day of , , A.D. which is made a part hereof by reference, for the construction of certain public improvements that are generafly described as fotlows: - NQW, THEREFORE, if the Principal shall well, truly and faithfully pertorm and fulfill all of the undertakings, covenants, terms, conditions and agreements of said Contract in accordance with the plans, specifications and contract documents during the original term thereof and any extension thereof which may be granted by the Beneficiary, with or without notioe to the Surety, and during the life of any guaranty or warranty required under this Contract, and shall also well and truly perForm and fulfill all the undertakings, covenants, terms, conditions and agreements of any and all duly authorized modifications of said Contract that may hereafter be made, notice of which modifications to the Surety being hereby waived; and, if the Principal shaN repair and/or replace all defects due to faulty materials and workmanship that appear within a period of one (1) year from the date of final completion and final axeptance of the Work by Beneficiary; and, if the Principal shall fulty indemnify and save harmless the Beneficiary from all costs and damages which Beneficiary may suffer by reason of failure to so perform herein and shall fully reimburse and repay Beneficiary all outlay and expense which the Beneficiary may incur in making good 31 PERFORMANCE BOND PAGE 1