8-12.1. Bond - Maintenance.pdf
PDF 62 KB Posted
- Attached to
- Park Restroom Demolition and Site Restoration
- Solicitation number
- ITB 252-26 MRH
- Issued by
- Upton County, Texas
About this file
This is a Maintenance Bond form issued by the City of Amarillo, Texas, for general construction contracts. The bond serves as a guarantee that the principal contractor will perform required maintenance and repairs on completed work for a specified period following project acceptance by the City. The bond obligates the contractor to repair any defects in materials or workmanship that develop during the guaranteed period at no cost to the City, or alternatively, reimburse the City for all costs, damages, and expenses incurred if the contractor fails to make corrections. The form is a template designed to be completed with specific contract details, principal contractor information, surety company information, and the applicable guarantee period in years.
The surety company agrees to perform corrections within thirty calendar days of written notification from the City that the principal has failed to make required repairs. Should corrections not be completed within this timeframe, the City retains the right to perform the work itself and recover all associated costs from both the principal and surety jointly and severally, including engineering and legal costs plus any direct or consequential damages. Exclusive venue for any legal action arising from the bond is established in Potter County, Texas. The bond amount, contract date, project description, and guarantee period remain to be filled in on the executed document.
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Text version
11/13/2008 CHD
MAINTENANCE BOND
(General Contract)
KNOW ALL MEN BY THESE PRESENTS:
That we, , as Principal, and , a corporation organized under the laws of the State of and authorized to do surety business in the State of Texas, as Surety, are held and firmly bound unto City of Amarillo, Texas, as Obligee, in the sum of Dollars ($ ) lawful money of the United States of America, for the payment of which sum will be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents:
WHEREAS, Principal has entered into a contract with Obligee, dated to construct , said contract being by reference incorporated herein for all purposes; and
WHEREAS, the said Principal is required by the contract to guarantee Principal’s works against defects in materials or workmanship which may develop during the period of ______ years from and after the date of acceptance by said Obligee;
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the
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 that may develop during the period of year(s) from and after the date of acceptance by said Obligee or shall pay over, make good, and reimburse to said Obligee all loss and damage which said Obligee may sustain by reason of failure or default of said Principal to do so, then this obligation shall be null and void; otherwise to remain in full force and effect.
The Obligee may notify the Principal in writing (with copy to Surety) of any defect(s) for which the Principal is responsible and shall specify in said notice a period of time in which Principal shall correct said defect.
NOTE: DO NOT DATE THE BOND
The Surety agrees to perform the corrections within thirty (30) calendar days after the
Obligee notifies the Surety in writing that the Principal has failed to make the required corrections. If such defect(s) is not corrected within said thirty (30) days, then the Obligee shall have the right to correct the defect(s) and the Principal and Surety, jointly and severally, shall pay all costs and expenses incurred by the Obligee in correcting the defect(s); including but not limited to engineering costs and legal costs, together with any direct and/or consequential damages the Obligee sustains as a result of the failure of the Principal and/or Surety to correct the defect(s).
PROVIDED FURTHER, that if any legal action be filed upon this Bond, exclusive venue shall lie in Potter County, State of Texas.
IN WITNESS WHEREOF, , Principal, has caused these presents to be executed by its authorized attorney in fact and the said , Surety, has caused these presents to be executed by its and attested by its corporate seal this day of 20__.
Attest:
PRINCIPAL, CONTRACTOR
By: By:
Title: Address:
SURETY
By: By:
Title: Address:
Phone:
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