35-Doc 00 61 19 - MAINTENANCE BOND.pdf

MAINTENANCE BOND

00 61 19-1

DOCUMENT 00 61 19

MAINTENANCE BOND

KNOW ALL MEN BY THESE PRESENTS, that We, hereinafter called the "Principal" and hereinafter called the "Surety" are held and firmly bound unto hereinafter called the “Obligee” in the sum of Dollars ($ ), the payment of which sum, well and truly to be made, we, the said Principal and the said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, the said Principal has heretofore entered into an

Agreement with said Obligee dated________________________, 20_____ for Contract 2025-01189.01: 124 Easton Road Demolition, and;

WHEREAS, the said Agreement provides that the said Principal is required to furnish the said Obligee with a Maintenance Bond for 15% of the Agreement price, indemnifying the said Obligee against defects in materials or workmanship for a period of eighteen (18) month(s) after final completion and acceptance of the Work.

NOW, THEREFORE, the condition of this obligation is such, that if the said Principal shall faithfully carry out and perform the said guarantee, and shall, on due notice, repair and make good at its own expense any and all defects in materials or workmanship in the said work which may develop during the said maintenance period or shall pay over, make good and reimburse to the said Obligee all loss and damage which said Obligee may sustain by reason of failure or default of said Principal so to do, then this obligation shall be null and void; otherwise shall remain in full force and effect.

Any action filed under the bond must be commenced in the Montgomery County Court of Common Pleas or the United States District Court for the Eastern District of Pennsylvania. This is a legal requirement and not subject to negotiation or change.

Signed and sealed this___________ day of__________________, 20___.

CONTRACTOR AS PRINCIPAL SURETY

Company: Company:

Signature: Signature:

Name and Title: Name and Title:

(Corp. Seal) (Corp. Seal)

NOTE: This statement, if executed by any person other than the President or Vice President of the Surety Company, must be accompanied by a current and effective certificate showing authority conferred upon the person so signing to execute such instruments on behalf of the Surety Company represented.

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