2012-049 RES ACCEPTING BID AND APPROVING NOTICE OF AWARD FOR TDRA CDBG #729599 SEWER SYSTEM MANHOLE IMPROVEMENTS PROJECT IN COP TO B BRAY CONSTRUCTION

Home Browse Search

PERFORMANCE BOND STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LAMAR § That hereinafter called "Principal," and . a corporation organized and existing under the laws of the State of , and fully 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 "Beneficiary," in the penal sum of DOLLARS ) plus fifteen percent (15%) of the stated penal sum as an additionai sum of money representing additional court expenses, attorneys' fees, and liquidated damages arising flut 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 price decrease the penal sum of this Bond. THE OBLIGATION Principal entered into a day of TO PAY SAME is conditioned as follows: Whereas, the certain written Contract with the Beneficiary, dated the by reference, for the construction described as follows: NOW, THEREFORE, if the Principal shall well, truly and faithfully perform 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 notice 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 shall repair andlor replace a0 defects due to faulty materials and workmanship that appear within a period of one (1) year from the date of final completion and final acceptance of the Worlc by Beneficiary; and, if the Principal shalt fully 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 out{ay and expense which the Beneficiary may incur in making good 40 , , A.D. which is made a part hereof of certain public improvements that are generally PERFORMANCE BOND PAGE 1