Res 2004-214 - Laserfiche WebLink

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I I I Attachment B-1 Performance Bond STATE OF COUNTY OF (Contractor name), (address), We, of as Principal, and (bond company name), as Surety, are held and firmly bound unto the City of San Marcos, Texas, as Owner, in the penal sum of dollars ($ ), for the payment of which the Principal and Surety bind themselves and their heirs, administrators, executors, successors and assigns, jointly and severally, by this bond: The Principal has entered into a written Contract with the Owner dated for the Provision and Installation of High Technology Odor Control Equipment Project, which is fully incorporated into this bond by reference. The condition of this obligation is that if the Principal faithfully and promptly performs all work for the Project in accordance with the Contract Documents, and faithfully and promptly observes and performs all of its covenants, conditions, duties and obligations under the Contract Documents according to their true intent and meaning, then this obligation will be satisfied; otherwise it will remain in full force and effect. If the Owner declares the Principal to be in default under the Contract, the Surety agrees to either 1) promptly remedy the default, or 2) faithfully and promptly perform and complete the Project in accordance with the Contract Documents. The Surety, for value received, agrees that no modification, change order, extension of time, amendment or addition to the Contract, or to the plans, specifications, drawings or other Contract Documents, will in any way affect the Surety's obligation on this bond, and the Surety waives notice of any such modification, change order, extension of time, amendment or addition. The Surety certifies that it is authorized and admitted to write surety bonds in Texas. If this bond exceeds $100,000.00 the surety certifies that it either 1) holds a certificate of authority from the United States Secretary of the Treasury to qualify as a surety on obligations permitted or required under federal law, or 2) has obtained qualified reinsurance for any liability in excess of $1:00,000.00 from a reinsurer that is authorized and admitted as a reinsurer in the State of Texas, and is the holder of a certificate of authority from the United States Secretary of the Treasury to qualify as a surety or reinsurer on obligations permitted or required under federal law. This bond is governed by Chapter 2253 of the Texas Government Code, and it is provided solely for the protection of the Owner. 1