1-04 - Bonds.pdf

PB-1

PERFORMANCE BOND

STATE OF TEXAS

COUNTY OF DENTON

KNOW ALL MEN BY THESE PRESENTS: That ____________________ of the City of _____________________, County of _____________, and State of _____________, as

Principal, and __________________________________________________________ authorized under the laws of the State of Texas to act as Surety on bonds for Principal, are held and firmly bound unto the City of Lewisville (Owner), in the penal sum of

__________________________________ Dollars ($ ) for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, by these presents:

WHEREAS, the Principal has entered into a certain written contract (Contract) with the

Owner, dated the ____ day of ____________, 20____ to construct:

VALLEY VISTA & POYDRAS DRAINAGE IMPROVEMENTS

PROJECT NO. G2306

which Contract is hereby referred to and made a part hereof as fully and to the same extent as if copied at length herein.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall faithfully perform said Contract and shall in all respects duly and faithfully observe and perform all and singular the covenants, conditions and agreements in and by said

Contract agreed and covenanted by the Principal to be observed and performed, and according to the true intent and meaning of said Contract and the Plans and Specifications hereto annexed, then this obligation shall be void; otherwise to remain in full force and effect;

PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of

Chapter 2253 of the Texas Government Code as amended and all liabilities on this bond shall be determined in accordance with the provisions of said Chapter to the same extent as if it were

Surety, for value received, stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract, or to the work performed thereunder, or the plans, specifications, or drawings accompanying the same, shall in anyway affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the contract, or to the work to be performed thereunder.

PB-2

IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this __________ day of ______________________, 20___.

Principal Surety

By: By

Title: Title

Address: Address:

The name and address of the Resident Agent of Surety is:

PB-3

Bond Number_____________

PAYMENT BOND

STATE OF TEXAS

COUNTY OF DENTON

KNOW ALL MEN BY THESE PRESENTS: That _________________________ of the City of __________________, County of _____________, and State of _____________, as

Principal, and __________________________________________________________ authorized under the laws of the State of Texas to act as Surety on bonds for Principal, are held and firmly bound unto the City of Lewisville (Owner), in the penal sum of

_____________________________________ Dollars ($______________) for the payment whereof, the said Principal and Surety bind themselves and their heirs, administrators, executors, successors and assigns, jointly and severally, by these presents:

WHEREAS, the Principal has entered into a certain written contract (Contract) with the

Owner, dated the _____ day of ________________, 20___ to construct:

which Contract is hereby referred to and made a part hereof as fully and to the same extent as if

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall pay all claimants supplying labor and material to him or a subcontractor in the prosecution of the work provided for in said Contract, then, this obligation shall be void;

otherwise to remain in full force and effect;

PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of

Chapter 2253 of the Texas Government Code as amended and all liabilities on this bond shall be determined in accordance with the provisions of said Chapter to the same extent as if it were

Surety, for value received, stipulates and agrees that no change, extension of time, alteration or addition to the terms of the contract, or to the work performed thereunder, or the plans, specifications or drawings accompanying the same, shall in anyway affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the contract, or to the work to be performed thereunder.

IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this __________ day of ______________________, 20___.

PB-4

Principal Surety

By: By

Title: Title

Address: Address:

The name and address of the Resident Agent of Surety is:

MB-1

MAINTENANCE BOND

Bond No. ________________

KNOW ALL MEN BY THESE PRESENTS:

That we, (hereinafter called Principal), and _____________________________________________, a corporation organized under the laws of the State of ____________ and authorized to do a surety business in the State of Texas, (hereinafter called Surety), are held and firmly bound unto the City of Lewisville, Texas

(hereinafter called the City) in the full and just sum of _____________________________________, lawful money of the United States of America, for the payment of which sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, said Principal has performed ________________________________ improvements, which have been or are about to be completed and accepted by the City for the project known as:

AND WHEREAS, it is required that the Principal should guarantee the project from defects caused by faulty or defective materials, workmanship, or design for a period of two years from and after the date of acceptance of the completed project by the City.

NOW, THEREFORE, if the Principal shall for a period of two years from and after the date of acceptance of the completed project by the City replace any and all defects arising in said work whether resulting from faulty or defective materials, workmanship, or design, then the above obligation shall be null and void; otherwise the obligation shall remain in full force and effect for two years from the date of acceptance of the completed project by the City.

The City shall notify the Principal in writing of any defects for which the Principal is responsible and shall specify in said notice a reasonable time within which the Principal shall have to correct said defects. If the Principal fails to correct said defects within the time specified in said notice, MB-2 the City, in its discretion, may permit the Surety to correct said defects. If the City allows the Surety to correct said defects, the Surety shall have sixty (60) days thereafter within which to take such action as it deems necessary to insure performance of the Principal’s obligation.

If such defects are not corrected after the time period specified in the notice or after the expiration of the sixty (60) day time period, whichever is applicable, the City shall have the right to correct the defects, and the Principal and Surety, jointly and severally, shall pay all costs and expenses incurred by the City in correcting the defects, including, but not limited to, the engineer, legal and other costs, together with any damages either direct or consequential, which the City sustains, or may sustain, on account of the Principal’s failure to correct the defects. In addition, the City shall have the right to contract for the correction of said defects and, upon acceptance of a bid in accordance with the City’s normal bidding process, the Principal and Surety shall become immediately liable for the amount of the bid. In the event that the City commences legal proceedings for the collection thereof, interest shall accrue on said amount at the rate of six (6) percent per annum, beginning at the commencement of said legal proceedings.

If the City commences suit for collection of any sums due hereunder, the Principal and Surety, jointly and severally, agree to pay all costs and expenses incurred by the City, including, but not limited to, attorney’s fees.

IN WITNESS WHEREOF, the parties have caused this instrument to be signed and sealed by their respective authorized officers this _________ day of ______________________ 20___.

Principal: Surety:

By: By:________________________________________

________________________, Attorney-in-Fact

Address:

Address:

Witness as to Principal