HomeMy WebLinkAboutPeterson Contractors Inc-3/8/2010PERFORMANCE BOND Bond No. 105384392
KNOW ALL MEN BY THESE PRESENTS:
That we, PETERSON CONTRACTORS. INC., of Reinbeck, Iowa
(hereinafter called the Principal), and maim MUM sir oar CF RiERIM
of Hartford, Connecticut (hereinafter called the Surety), are held and
firmly bound unto the City of Waterloo (hereinafter called the Obligee), in the penal
sum THREE MILLION ONE HUNDRED EIGHTY-NINE THOUSAND FOUR
HUNDRED TWENTY-FOUR AND 95/100-----.- --- Dollars ($3,189,424.95),
lawful money of the United States, to payment of which sum, well and truly to be
made, the Principal here firmly binds himself/themselves, his/their heirs, executors,
and administrators, and the said Surety binds himself, his successors, assigns,
executors, and administrators, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that,
WHEREAS the above bounden Principal did, on the day of
, 2010, enter into a written contract with the City of
Waterloo, Iowa, for the construction of F.Y. 2010 RIVER RENAISSANCE LOWER
PLAZA, CONTRACT NO. 763, a copy of which contract, together with all of its terms,
covenants, conditions, and stipulations, is incorporated herein and made a part hereof
as full and completely as if said contract were recited at length herein; and
WHEREAS, the Principal and Surety on this bond hereby agree to pay to all
persons, firms or corporations having contracts directly with the Principal or with
subcontractors, all just claims due them for labor performed or materials fumished in
the performance of the contract on account of which bond is given when the same are
not satisfied out of the portion of the contract price which the public corporation is
required to retain until completion of the public improvement, but the Principal and
Surety shall not be liable to said persons, firms, or corporation unless the claims of
said claimants against said portion of the contract price shall have been established
as provided by law.
Now, if the Principal shall in all respects fulfill his said contract according to the
terms and tenor thereof, and shall satisfy all claims and demands incurred for the
same, and shall fully indemnify and save harmless the Obligee from all costs and
damages which it may suffer by reason of failure to do so, and shall fully reimburse
and repay the Obligee all outlays and expenses which it may incur in making good
any such default, then the obligation is to be void and of no effect, otherwise to
remain in full force and effect.
FORM OF BOND PAGE 1 OF 2
PAGES
Every Surety on this bond shall be deemed and held, any contract to the
contrary notwithstanding, to consent without notice:
1. To any extension of time to the contract in which to perform the
contract.
2. To any change in the plans, specifications, or contract when such
change does not involve an increase of more than twenty percent
(20%) of the total contract price, and shall then be released only as to
such excess increase.
3. That no provision of this bond or of any other contract shall be valid
which limits to Tess than one (1) year from the time of the acceptance of
the work the right to sue on this bond for defect in workmanship or
material not discovered or known to the Obligee at the time such work
was accepted.
IN WITNESS WHEREOF, we have hereunto set our hands and seals this
day of , 2010 .
PETERSON CONTRACTORS, INC.
Principal
By:
Q_ RE rn,e'
0%SURI Y RD S REIY 01PAW CIF RERICA
Surety
Att y -Fact - Dianne S. Riley
me -in
FORM OF BOND PAGE 2 OF 2
PAGES
PAYMENT BOND Bond No. 105384392
KNOW ALL MEN BY THESE PRESENTS: that
PETERSON CONTRACTORS, INC.
(Name ofContractor)
P.O. Box A, Reinbeck, IA 50669
(Address of Contractor)
a Corporation
, hereinafter called Principal,
(Corporation, Partnership or individual)
and TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
(Name of Surety)
One Tower Square, Hartford, CT 06183
(Address of Surety)
hereinafter called Surety, are held and firmly bound unto
CITY OF WATERLOO
(Name of Owner)
715 Mulberry Street, Waterloo, IA 50703
(Address of Owner)
hereinafter called OWNER, in the penal sum of *** Dollars, $(3,189,424.95)
*** Three Million One Hundred Eighty -Nine Thousand Four Hundred Twenty -Four and 95/100
in lawful money of the United States, for the payment of which sum well and truly to be made,
we bind ourselves, successors, and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a
certain contract with the OWNER, dated the day of
20 10 , a copy of which is hereto attached and made a part hereof for the construction of
F.Y. 2010 RIVER RENAISSANCE LOWER PLAZA, CONTRACT NO. 763
NOW, THEREFORE, if the Principal shall promptly make payment to all persons, firms,
SUBCONTRACTORS, and corporations furnishing materials for or performing labor in the
prosecution of the WORK provided for in such contract, and any authorized extension or
modification thereof, including all amounts due for materials, lubricants, oil, gasoline, coal and
coke, repairs on machinery, equipment and tools, consumed or used in connection with the
construction of such WORK, and all insurance premiums on said WORK, and for all labor,
performed in such WORK whether by SUBCONTRACTOR or otherwise, then this obligation
shall be void; otherwise to remain in full force and effect.
PROVIDED, FURTHER, that the said Surety for value received hereby stipulates and agrees
that no change, extension of time, alteration or addition to the terms of the contract or to the
WORK to be performed thereunder or the SPECIFICATIONS accompanying the same shall in
any wise 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 or to the
SPECIFICATIONS.
PROVIDED, FURTHER, that no final settlement between the OWNER and the CONTRACTOR
shall abridge the right of any beneficiary hereunder, whose claim may be unsatisfied.
IN WITNESS HEREOF, this instrument is executed in six (6) counterparts, each one of
(number)
which shall be deemed an original, this the day of
20 10 .
Witness as to Principal
P.O. Box A
Q_D:me_S \\Ces
(Address)
Reinbeck, IA 50669
PETERSON CONTRACTORS, INC.
By
Principal
(Address)
Reinbeck, IA 50669
1RVAEUE S CAStAUY AM SJEIY Ot ?H( OF llIEtl(7\
ATTEST: By
f
6_ •
Witness as to Surety - Ci dldy Bennett
Holmes Murphy & Associates, Inc.
(Address)
P.O. Box 9207, Des Moines, IA 50306-9207
Surety
Attorney -in -t t - D anne S. Riley
Holmes Murphy & Associates, Inc.
(Address)
P.O. Box 9207, Des Moines, IA 50306-9207
NOTE: Date of BOND must not be prior to date of Contract.
If CONTRACTOR is Partnership, all partners should execute BOND.
TRAVELERS.
WARNING:THIS POWER OF ATTORNEY IS INVALID WITHOUT THE RED BORDER
POWER OF ATTORNEY
Farmington Casualty Company
Fidelity and Guaranty Insurance Company
Fidelity and Guaranty Insurance Underwriters, Inc.
Seaboard Surety Company
St. Paul Fire and Marine Insurance Company
Attorney -In Fact No. 220411
St. Paul Guardian Insurance Company
St. Paul Mercury Insurance Company
Travelers Casualty and Surety Company
Travelers Casualty and Surety Company of America
United States Fidelity and Guaranty Company
Certificate No. 003006889
KNOW ALL MEN BY THESE PRESENTS: That Seaboard Surety Company is a corporation duly organised under the laws of the State of New York, that St. Paul
Fire and Marine Insurance Company, St. Paul Guardian Insurance Company and St. Paul Mercury Insurance Company are corporations duly organized under the laws
of the State of Minnesota, that Farmington Casualty Company, Travelers Casualty and Surety Company, and Travelers Casualty and Surety Company of America are
corporations duly organized under the laws of the State of Connecticut, that United States Fidelity and Guaranty Company is a corporation duly organized under the
laws of the State of Maryland, that Fidelity and Guaranty Insurance Company is a corporation duly organized under the laws of the State of Iowa, and that Fidelity and
Guaranty Insurance Underwriters, Inc. is a corporation duly organized under the laws of the State of Wisconsin (herein collectively called the "Companies"), and that
the Companies do hereby make, constitute and appoint
Craig E. Hansen, Dianne S. Riley, Jay D. Freiermuth, Brian M. Deimerly, Cindy Bennett, Anne Crowner, Stephanie Rivers Finney,
Laure K. Guisinger, Tim McCulloh, and Stacy Venn
of the City of West Des Moines State of Iowa , their true and lawful Attorney(s)-in-Fact,
each in their separate capacity if more than one is named above, to sign, execute, seal and acknowledge any and all bonds, recognizances, conditional undertakings and
other writings obligatory in the nature thereof on behalf of the Companies in their business of guaranteeing the fidelity of persons, guaranteeing the performance of
contracts and executing or guaranteeing bonds and undertakings required or permitted in any actions or proceedings allowed by law.
IN WITNESS WHEREOF. the Companies have caused this instrument to be signed and their corporate seals to be hereto affixed, this 10th
day of September 2008
Farmington Casualty Company
Fidelity and Guaranty Insurance Company
Fidelity and Guaranty Insurance Underwriters, Inc.
Seaboard Surety Company
St. Paul Fire and Marine Insurance Company
St. Paul Guardian Insurance Company
St. Paul Mercury Insurance Company
Travelers Casualty and Surety Company
Travelers Casualty and Surety Company of America
United States Fidelity and Guaranty Company
State of Connecticut
City of Hartford ss.
By:
Georg e(WJ Thompson, 'enior ice President
On this the 10th day of September 2008 before me personally appeared George W. Thompson, who acknowledged
himself to be the Senior Vice President of Farmington Casualty Company, Fidelity and Guaranty Insurance Company, Fidelity and Guaranty Insurance Underwriters,
Inc., Seaboard Surety Company, St. Paul Fire and Marine Insurance Company, St. Paul Guardian Insurance Company, St. Paul Mercury Insurance Company, Travelers
Casualty and Surety Company, Travelers Casualty and Surety Company of America, and United States Fidelity and Guaranty Company, and that he, as such, being
authorized so to do, executed the foregoing instrument for the purposes therein contained by signing on behalf of the corporations by himself as a duly authorized officer.
In Witness Whereof, I hereunto set my hand and official seal.
My Commission expires the 30th day of June, 2011.
58440-5-07 Printed in U.S.A.
l't(I► e . trt.t0AX.9%*
Marie C. Tetreault, Notary Public
WARNING:THIS POWER OF ATTORNEY IS INVALID WITHOUT THE RED BORDER
M
--o
WARNING: THIS POWER OF ATTORNEY IS INVALID WITHOUT THE RED BORDER
This Power of Attorney is granted under and by the authority of the following resolutions adopted by the Boards of Directors of Farmington Casualty Company, Fidelity
and Guaranty Insurance Company, Fidelity and Guaranty Insurance Underwriters, Inc., Seaboard Surety Company, St. Paul Fire and Marine Insurance Company,
St. Paul Guardian Insurance Company, St. Paul Mercury Insurance Company, Travelers Casualty and Surety Company, Travelers Casualty and Surety Company of
America, and United States Fidelity and Guaranty Company, which resolutions are now in full force and effect, reading as follows:
RESOLVED, that the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President, any Vice President, any Second Vice
President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attorneys -in -Fact and Agents to act for and on behalf
of the Company and may give such appointee such authority as his or her certificate of authority may prescribe to sign with the Company's name and seal with the
Company's seal bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any
of said officers or the Board of Directors at any time may remove any such appointee and revoke the power given him or her; and it is
FURTHER RESOLVED, that the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President may
delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is in writing and a copy
thereof is filed in the office of the Secretary; and it is
FURTHER RESOLVED, that any bond, recognizance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional undertaking
shall be valid and binding upon the Company when (a) signed by the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice
President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary and duly attested and sealed with the
Company's seal by a Secretary or Assistant Secretary; or (b) duly executed (under seal, if required) by one or more Attorneys -in -Fact and Agents pursuant to the power
prescribed in his or her certificate or their certificates of authority or by one or more Company officers pursuant to a written delegation of authority; and it is
FURTHER RESOLVED, that the signature of each of the following officers: President, any Executive Vice President, any Senior Vice President, any Vice President,
any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any power of attomey or to any
certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys -in -Fact for purposes only of executing and attesting bonds
and undertakings and other writings obligatory in the nature thereof, and any such power of attorney or certificate bearing such facsimile signature or facsimile seal shall
be valid and binding upon the Company and any such power so executed and certified by such facsimile signature and facsimile seal shall be valid and binding on the
Company in the future with respect to any bond or understanding to which it is attached.
I, Kori M. Johanson, the undersigned, Assistant Secretary, of Farmington Casualty Company, Fidelity and Guaranty Insurance Company, Fidelity and Guaranty Insurance
Underwriters, Inc., Seaboard Surety Company, St. Paul Fire and Marine Insurance Company, St. Paul Guardian Insurance Company, St. Paul Mercury Insurance
Company, Travelers Casualty and Surety Company, Travelers Casualty and Surety Company of America, and United States Fidelity and Guaranty Company do hereby
certify that the above and foregoing is a true and correct copy of the Power of Attorney executed by said Companies, which is in full force and effect and has not been
revoked.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seals of said Companies this
day of
Kori M. JohansAssistant Secretary
2010.
To verify the authenticity of this Power of Attorney, call 1-800-421-3880 or contact us at www.travelersbond.com. Please refer to the Attorney -In -Fact number, the
above-named individuals and the details of the bond to which the power is attached.
WARNING: THIS POWER OF ATTORNEY IS INVALID WITHOUT THE RED BORDER