Maintenance_Bond.pdf

MAINTENANCE BOND

STATE OF TEXAS §

COUNTY OF COLLIN § KNOW ALL MEN BY THESE PRESENTS:

That , a corporation organized and existing under the laws of the State of , and fully authorized to transact business in the State of Texas, whose address is of the City of County of , and State of ,(hereinafter referred to as “Principal”), and (hereinafter referred to as “Surety”, a corporation organized under the laws of the State of and authorized under the laws of the State of Texas to act as surety on bonds for principals, are held and firmly bound unto (hereinafter referred to as “Owner”) and unto all persons, firms and corporations who may furnish materials for or perform labor upon the buildings, structures or improvements referred to in the attached Contract, , in the penal sum of Dollars ($ ) in lawful money of the United States, for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors, and assigns, jointly and severally, firmly by these presents:

WHEREAS, the Principal has entered into a certain written contract with the Owner, dated the day of , 201 , to which said Contract is hereby referred to and made a part hereof and as fully and to the same extent as if copied at length herein for the construction of

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that the bond guarantees the full and proper maintenance and repair of the work herein contracted to be done and performed for a period of year(s) from the date of acceptance and Principal will do all necessary backfilling that may arise on account of sunken conditions in ditches, or otherwise, and do and perform all necessary work and repair any defective condition growing out of or arising from the improper laying or construction of same, or on account of any breaking of same caused by said CONTRACTOR in construction of same , or on account of any defect arising in any of said work laid or constructed by said CONTRACTOR or on account of improper excavation or backfilling, it being understood that the purpose of this section is to cover all defective conditions arising by reason of defective materials, work or labor performed by said

CONTRACTOR, then this obligation shall be void; otherwise, to remain in full force and effect; and in case said CONTRACTOR shall fail to do so, it is agree that the

OWNER may do said work and supply such materials and charge the same against said CONTRACTOR and Surety on this obligation. Provided further, that if any legal action be filed on this Bond, venue shall lie in Collin County, Texas.

"PROVIDED, HOWEVER, that said Surety, for value received, stipulates and agrees the bond shall automatically be increased by the amount of any

Change Order or supplemental agreement which increases the Contract price with or without notice to the Surety and that no change, extension of time, alteration or addition to the terms of the Contract, or to the work performed thereunder, or the plans specifications, or drawings accompanying the same shall in any way 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 or to the work to be performed thereunder.

The undersigned and designated agent is hereby designated by Surety herein as the agent resident to whom any requisite notice may be delivered and on whom service of process may be had in matters arising out of such suretyship.

IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this day of 201 .

WITNESS PRINCIPAL

Printed/Typed Name Title:

Company:

Address:

WITNESS SURETY

Printed/Typed Name Title:

Company:

Address:

The Resident Agent of the Surety for delivery of notice and service of process is:

Name:

Address: Note: Date of Bond must NOT be Phone Number: prior to date of contract.

Revised 11/2008