HomeMy WebLinkAboutPERFORMANCE BOND - K08169251 BOND NUMBER K08169251
PERFORMANCE BOND
ABM JANITORIAL SERVICES-NORTH CENTRAL,
KNOW ALL MEN BY THESE PRESENTS, That we INC. (hereinafter called"Principal"),and WESTCHESTER
FIRE INSURANCE COMPANY authorized to do business in the State of IA (hereinafter called"Surety")are held and firmly bound unto
CITY OF WATERLOO (hereinafter called"Obligee")as Obligee,fur such monetary amount as incurred by the Obligee,not
to exceed the penal sum of Sixty Eight Thousand Six Hundred Twenty Eight and 36/100 ($ 68,628.36 ) DOLLARS, good and lawful money of the United
States of America,the payment of which,well and truly to be made,we do bind ourselves,our heirs,administrators,executors,successors,and assigns,jointly and severally,
firmly by these presents.
WHEREAS the above bounded Principal has entered into a certain written Contract with the above named Obligee, effective the 7th day of
July ,20 09 ,for Janitorial Services
which Contract is hereby referred to and made a part hereof as fully and to the same extent as if copies at length were attached herein.
The obligation of this Performance Bond shall be null and void unless: (1)the above Contract is in writing,and has been fully executed by both the Principal and the
Obligee;(2)the Principal is actually in default under the above Contract,and is declared by the Obligee thereafter to be in default;(3)the Obligee has performed all of the
obligations of the Obligee under the Contract;and(4)the Obligee has provided written notice of the default to the Surety as promptly as possible,and in any event,within ten
(10)days after such default.
The Surety,at the sole election and discretion of the Surety,may take any of the following actions:
(1) With notice to the Obligee,provide financial assistance to the Principal to remedy any contractual default by the Principal;or
(2) Undertake the completion of the above Contract by the Surety,through its agents or through independent contractors;or
(3) Determine the amount for which the Surety may be liable to the Obligee,and as soon as practicable thereafter,tender payment thereof to the Obligee;or,
(4) Pay the full amount of the above penal sum in complete discharge and exoneration of this Performance Bond, and of all liabilities of the Surety relating
hereto.
If the Surety so elects to act,all payments and expenditures by the Surety shall be applied against the above penal sum and in reduction of the limit of liability of the Surety.
PROVIDED HOWEVER,that this bond is executed by the Surety and accepted by the Obligee subject to the following expressed conditions:
(1) This bond is for the term beginning 8/1/09 and ending 8/1/10 , but may be extended by continuation
certificate executed by the Surety,at the option of the Surety.
(2) Neither non-renewal by the Surety,nor failure,nor inability of the Principal to file a replacement bond shall constitute a loss to the Obligee which is
recoverable under this bond.
(3) Surety's liability under this bond and all continuation certificates issued in connection therewith shall not be cumulative and shall in no event exceed the
amount as set forth in this bond or in any additions,riders,or endorsements properly issued by the Surety as supplements thereto.
(4) No claim,action,suit or proceeding,except as herein set forth,shall be had or maintained against the Surety on this bond unless same be brought or instituted
and process served upon the Surety within six months following the expiration of the original term of this bond,or extended term as provided herein.
In the event of conflict or inconsistency between the provisions of this Performance Bond and the provisions of the above Contract,the provisions of this Pcrtbnnance Bond
shall control,or the obligation of the Surety be deemed null and void to the extent of any enlargement or augmentation to the liabilities of the Surety prescribed by this
Performance Bond.
Se w our seals d dated • , 21 st day of July 20 09 .
ABM JANITORIAL SERVICES-NORTH CENTRAL, INC,
WI S % C'
(Principal)
DOf1�OCfl
By:
�C -• FI' INSURANCE COMPANY
-lone Gerhar. (Attorney-in-Fact)
ACCEPTED AS TO THE OBLIGEE ATTEST: IA,
Tracy Aston,Witness