Maintenance_and_Guarantee_Bond-_Sample_test.pdf

BOND NO.

MAINTENANCE AND GUARANTEE BOND

KNOW ALL MEN BY THESE PRESENTS, that ________________________, Contractor, as Principal, and ______________________________________________________, as Surety, are held and firmly bound unto THE CITY OF JACKSON, MICHIGAN, 161 West Michigan Avenue, Jackson, Michigan 49201, Owner, in the sum _______________________________

____________________________________ Dollars ($__________________) to be paid to said

Owner, its legal representatives and assigns, for which payment well and truly be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, and each and every one of them jointly, firmly by these presents.

Sealed with our seals and dated this ____________ day of ____________, 20_____.

WHEREAS, the above named Principal has entered into a certain contract with THE CITY

OF JACKSON, MICHIGAN, 161 West Michigan Avenue, Jackson, Michigan 49201, Owner, dated the ______________ day of __________________, 20_____, wherein the said Principal covenanted and agreed as follows, to-wit:_________________________________ and

WHEREAS, said contract was awarded upon the express condition that the said Principal would furnish a _____________ (_____) year (s) Maintenance and Guarantee Bond.

B-5

Jackson Maintenance and Guarantee Bond (Page 1 of 3)

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that by and under said Contract, the above named Principal has agreed with the said Owner that for a period of _________ (______) years(s) from the date of final payment, to keep in good order and repair any defect in all the work done under said contract either by the Principal or his subcontractors, or his material suppliers, that may develop during said period due to improper materials, defective equipment, workmanship or arrangements, and any other work affected in making good such imperfections, shall also be made good all without the consent or approval of the Principal after the final acceptance of the work, and that whenever directed to do so by the Owner, by notice served in writing, either personally or by mail, on the Principal at the address appearing in the contract documents or upon said Principal's legal representatives, or successors, or on the Surety at the address appearing below, WILL PROCEED at once to make sure repairs as directed by said Owner; and in case of failure to do so within one week from the date of service of such notice, or within reasonable time not less than one week, as shall be fixed in said notice, then the said Owner shall have the right to purchase such materials and employ such labor and equipment as may be necessary for the purpose, and to undertake, do and make such repairs, and charge the expense thereof to, and receive same from said Principal or Surety. If any repair is necessary to be made at once to protect life and property, then and in that case, the said Owner may take immediate steps to repair or barricade such defects without notice to the Principal or Surety. In such accounting the said Owner shall not be held to obtain the lowest figures for the doing of the work, or any part thereof, but all sums actually paid therefore shall be charged to the Principal or Surety. In this connection the judgement of said Owner is final and conclusive. If the said Principal for a period of ______________ (_____) year(s) from date of final payment shall keep said work so constructed under said contract in good order and repair, excepting only such part or parts of said work which may have been disturbed without the consent or approval of said Principal after the final acceptance of the same, and shall whenever notice is given as hereinbefore specified, at once proceed to make repair as in said notice directed, or shall reimburse said Owner for any expense incurred by making such repairs, should the Principal or Surety fail to do so as hereinbefore specified, and shall fully indemnify, defend and save harmless the said Owner from all suits and actions for damages of every name and description brought or claimed against it for on account of any injury or damage to person or property received or sustained by any party or parties, by or from any of the acts or omissions or through negligence of said Principal, servants, agents, or employees in the prosecution of the work included in said contract, and from any and all claims arising under the Workers' Compensation act, so-called, of the State of Michigan, then the above obligation shall be void, otherwise to remain in full force and effect.

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Maintenance and Guarantee Bond (Page 2 of 3)

IN WITNESS THEREOF, the parties hereto have caused this instrument to be executed by their respective authorized officers, this __________________ day of ________________, 20 _____.

WITNESS:

Principal

By

Title

WITNESS:

Surety

By Attorney-in-fact

ATTACH POWER OF ATTORNEY

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Jackson Maintenance and Guarantee Bond (Page 3 of 3)