MAINTENANCE_BOND.pdf

MAINTENANCE BOND

City of Carmel

Instructions:

Successful Bidder must use this form or other form containing the same material conditions and provisions as approved in advance by OWNER.

Date of Bond must not be prior to date of Contract. If CONTRACTOR is a Partnership, all partners should execute bond.

Surety company executing this bond shall appear on the most current list of “Surety Companies Acceptable on Federal Bonds,” as specified in the U.S. Treasury Department Circular 570, as amended, and be authorized to transact business in the State of Indiana.

KNOW ALL MEN BY THESE PRESENTS: that

“CONTRACTOR”:

and

“Surety”: [Name]

[Address] a corporation chartered and existing under the laws of the State of ______________________________, and authorized to do business in the State of Indiana, are held and firmly bound unto the City of Carmel, Indiana 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, together with interest at the maximum legal rate from date of demand and any attorney fees and court costs incurred by Obligee to enforce this instrument, we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.

WHEREAS, the CONTRACTOR has entered into a certain Agreement with the OWNER, dated as of the ______ day of _____________________, 20 ____, by which CONTRACTOR has agreed to perform and furnish certain Work for or in furtherance of construction of public improvements described generally as

PROJECT NAME

Project Number

Project Description which Agreement, and the “Contract Documents” as referred to therein, are hereby incorporated herein by reference;

WHEREAS, CONTRACTOR has installed and completed and met all improvements, installations and requirements applicable to the above described Work, but said improvements and installations have not yet been accepted for public maintenance; and

WHEREAS, the OWNER requires a guarantee from the CONTRACTOR against defective materials and workmanship in connection with such maintenance.

NOW, THEREFORE, CONTRACTOR warrants the workmanship and all materials used in the construction, installation and completion of said Work, including all improvements and installations thereof, to be of good quality and constructed and completed in a workmanlike manner in accordance with the Agreement and Contract Documents and all local, state and federal laws, ordinances, rules, standards and regulations applicable to said Work;

FURTHERMORE, the conditions of the Surety’s obligation hereunder are such that if CONTRACTOR at his own expense, for a period of three (3) years after said Work, improvements and installations are accepted for public maintenance by the OWNER, shall make all repairs or replacements thereto which may become necessary by reason of improper or defective workmanship or materials, or any failure thereof to conform to the provisions of the Agreement or Contract Documents, then Surety’s obligation is to be null and void; otherwise such obligation shall remain in full force and effect. Any repairs or replacements made under this bond shall in like manner be subject to the terms and conditions hereof.

CONTRACTOR and Surety covenant that all action required by law to be taken by them to authorize the execution and delivery of this bond have been previously taken, that the officers whose signatures appear below have been fully empowered to execute and deliver this instrument and that once executed and delivered, it shall represent the lawful and binding obligation of the parties.

IN WITNESS WHEREOF, this instrument is executed in ______ (number) counterparts, each one of which shall be deemed an original, this the _____ day of ________________, 20_____.

CONTRACTOR: [name]

By:

[signature] [printed name]

ATTEST:

[signature]

Secretary

SURETY: [name]

[signature]

Attorney-in-fact

[printed name] [address]