Performance Bond A312-2010 - Laserfiche WebLink

Home Browse Search

$ 1 The Contractor and Surery, jointly aod severally, bind themselveg thoir heirs, exccutors, administrators, successoni and assigns to the Orvner for the performance ofthe Constuction Contract, which is incolporated herein by reference- g 2 If the Contractor pe rforms the Constructign Contract, the Surety and the Conttactor shall have no obligatioa mdcr this Bond, exccpt vhcn applicable to parf,icipate in a conference as provided in Seciion 3, $ 3 IfBrere is no Ownerl)efaultunder lhe Construction Conrqct, the Surety's obligation undcr this Bond shall arise after .l the Or,vner first providcs noticc lo thc Contnctor and thc Surety that the Orvner is considering declaring a Contractor Defiult. Such notiee shall indicate whether the Owner is requcsting a conference among tho Olvner, Contrdctor and Sur'ety to discuss tbe Conbactor's perfomrarcc. If thc Owncr docs not rcquest a conforencen the Surety man within five (5) busincss days after receipt of thc Owncrts notice, requestsuch a conference. Iflhe Surety tirnely requesF a conference, the Orvner shall attend, Unless lhe Orvner agrees otheruisq any conference requested under this Section 3.1 shall be held vrithin ten (I0) business days ofthe Suret/s rcceipt ofthe Owne/s notlce. Ifthe Orvner, the Contractor and the Surety agree, the Contnctor shall be allorved a reasonable time to perform the Conetruction Contract, but soch an agreement shall not waive the Owner's righl ifany, subsequently !o declare a Corrtractor Deftulq,2 the Orvacr declar6 a Contractor Dcfault, tanninatas the Construction Contact and trotilies the Suety; and .3 the Orrarer has agreed to pay the Baliuce of the Contract Price in accordance with the lerms of the Construction Contract to the Surety or to a contractor selected to perform the ConstrucLion Contract. g 4 Failure ou the part of the Owner to comply rvith lhc noticc rcquirement in Section 3,1 shall not constitute a failure to comply rvi*r a condition preccdent to ihc Surcty's obllgations, orrelease the Surety from its obligations, except to the extent the Surety demonsaates actual prejudice. $ 5 When the Orurerhas satisfied the conditions ofSection 3, tlc Surcty shall promptly and at the Surety's expense take one ofthe following actions; $ 5,1 Anange for the Conlractor, with lhe coment of the Owner, to perfotm and complete dre Construction Contract; $ 5.2 Undcrtakc to pcrform and complete the Construction Contact itselt tb'rough lts ogents or independent contractors; $ 5.3 Obtain bids ornegotiated proposals fiom qualified contractors acceptable to the Orvner for a conhact for performance and completion ofthe Constr.uction Contruc! arrange for a contruct to be preparcd for oxccution by tho Orvncr and a contsactor selected with dre Owner's cotrcurtence, lo be secured with performancc and payment bonds exccuted b5l a qualiJied surety equivalent to the bonds issued on the Construction ConEact and pty to thc O*nor the amount ofdamages as desuibed in Section ? in excess ofthe BalBnce ofthe Contract Price incuned by lhe Orvner as a result ofthe ConhactorDefaulB or $ 5.4 Waivc its right to pcrfoim and completq anange for completior, or obtair a new contlactor ftd with re asonable promplness under the circumstanccs: ,1 After invesligatioq dctcrminc thc alount for rvhich it may be liable to the Owner and, as soon as practicable after the amount is dctermincd, make pa)lrcnt to ftc O\wei or .2 Deny liability in whole or in part and notiry the Orvner, citing the reasons for denial. g 6 Ifthe Surety does not prtceed s.s provided in Section J rvith reasonable promptness, thc Surcty shall be deemed to be in default on tbis Bond seven days aller receipt of an additional rvritlpn notice fiom the Ourl'er to thc Surety demanding that the Surety perform ib obligations under this Bond, and the Ovmer shall be cniitled to cnforcc any rctnedy available to the Owner. Ifthe Surety proceeds as provided in Seclion 5.4 and thc Qwng refists the paync[t or the Surefy hac denied liability, in rvhole or in part, without further notice the Owner shall be entitled to e.rforce any remedy available to the Owner. s-1862yAS 8/10