11-ARKANSAS PERFORMANCE AND PAYMENT BOND.pdf

ARKANSAS PERFORMANCE AND PAYMENT BOND

(14-604 Arkansas Statutes)

(MANDATORY FORM)

KNOW ALL MEN BY THESE PRESENTS: That we (1)_________________________

(2) a (n)_________________________, hereinafter called "Principal" and (3) ____________ ________________________of ___________________________ State of _________________ ___________________ hereinafter called the "Surety," are held and firmly bound unto

(4) CITY OF LITTLE ROCK, hereinafter called "Owner" in the penal sum of ______________________________ dollars ($_____________________), in lawful money of the united States for the payment of which sum well and truly to be made, said principals and Surety bind themselves, their heirs, administrators, executors, successors and assigns, jointly and severally by these presents.

THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with the Owner, dated the _____________day of ____________, 20___, a copy of which is attached and made a part hereof for the

Residential Construction Services at _________________________________ NOW THEREFORE, if the Principal shall well, truly and faithfully perform its duties, all the undertakings, covenants, terms, conditions, and agreement of said contract during the original term thereof, and any extensions thereof which may be granted by the Owner, with or without notice to the Surety, and if he shall satisfy all claims and demands incurred under such contract, and shall fully indemnify and safe harmless the Owner from all costs and damages which it may suffer by reason of failure to do so, and shall reimburse and repay the Owner all outlay and expense which the Owner may incur in making good any default, and shall promptly make payment to all persons, firms, subcontractors and corporations furnishing material for or performing labor in the prosecution of the work provided for in such contract, and any authorized extension or modification thereof, all amounts due for, but not limited to, materials, lubricants, oil, gasoline, coal and coke, repair on machinery, equipment and tools consumed or used in connection with the construction of said work, fuel oil, camp equipment, food for workers, feed for animals, premium for bonds and liability and workers compensation insurance, rentals on machinery, equipment and draft animals; also for taxes or payments due the State of Arkansas or any political subdivisions thereof which shall have arisen on account of, or in connection with, the wages earned by workers covered by the bond; and for all labor performed in such work whether by subcontractor or otherwise, then this obligation shall be void, otherwise to remain in full force and effect.

The Surety agrees the terms of this bond shall cover the payment by the principal of not less than the prevailing hourly rate of wages as determined by the Arkansas Department of Labor or U.S.

Secretary of Labor, whichever is greater, to all workers performing work under the contract.

PROVIDED, FURTHER, that the said Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the contract or to the work to be performed there under of the specifications accompanying the same, shall in any wise 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 as to the work or to the specifications.

1419 Park St., Little Rock, AR 72202

PROVIDED, FURTHER, that no final settlement between the Owner and the contractor shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.

IN WITNESS WHEREOF, this instrument is executed in six (6) counterparts, each of which shall be deemed an original, this ___day of April , _____

ATTEST:

______________________________________(5) (Principal)

____________________________ BY__________________________

Secretary (Principal) (Title)

(SEAL) BY__________________________

(Address) _____________________________ (Surety) Witness as to Principal BY__________________________(6) (Attorney -in-Fact)

(Address)

ATTEST: ________________________________

(Address)

Witness (Surety) Address

(SEAL)

Witness as to Attorney -in-Fact

NOTE: Date of Bond must not be prior to date of Contract.

(1) Correct name of Contractor

(2) A Corporation, a Partnership, or an individual, as case may be

(3) Correct name of Surety

(4) Correct name of Owner

(5) If Contractor is Partnership, all partners should execute bond

(6) Must be executed by Arkansas Local Resident Agency for Surety