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HomeMy WebLinkAboutPERFORMANCE BOND THE AMERICAN INSTITUTE OF ARCHITECTS 0114 I 1 i44 t- Bond No.2089258 AlA Document A312 Performance Bond Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable. CONTRACTOR (Name and Address): SURETY (Name and Principal Place of Business): Failor Hurley Construction North American Specialty Insurance Company P.O. Box 446 650 Elm Street Hudson, IA 50643 Manchester, NH 03101 OWNER (Name and Address): City of Waterloo 715 Mulberry Street Waterloo, IA 50703 CONSTRUCTION CONTRACT Date: August 26, 2008 Amount: ($ 55,300.00 ) Fifty Five Thousand Three Hundred Dollars and 00/100 Description (Name and Location):2008 Stone Replacement for the Waterloo Public Library, Waterloo, Iowa BOND Date (Not earlier than Construction Contract Date): August 26, 2008 Amount: ($55,300.00 ) Fifty Five Thousand Three Hundred Dollars and 00/100 Modifications to this Bond: ® None ❑ See Page 3 CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate eal) Company: (Corporate Seal) Failor Hurley Con"tr on North American S ecialty Insurance Company Signature: Signature: ,, Name and Title: ; Name and Ti e: Dianne S. Rile Attorney-in-Fact (Any additional signatures appear on page 3) (FOR 'NFORM/TION ONLY—Name, Address and Telephone) AGENT or BROKER: OWNER'S REPRESENTATIVE (Architect, Engineer or Holmes Murphy&Associates, Inc. other party): 3001 Westown Parkway StruXture Architects West Des Moines, IA 50266 314 E. 4th Street 515 223-6800 Waterloo, IA 50703 MA DOCUMENT A312• PERFORMANCE BOND AND PAYMENT BOND• DECEMBER 1984 ED. •AIA THE AMERICAN INSTITUTE OF ARCHITECTS,1735 NEW YORK AVE.,N.W.,WASHINGTON, D.C.20006 A312-1984 1 THIRD PRINTING•MARCH 1987 • 1 The Contractor and the Surety, jointly and severally, which it may be liable to the Owner and, as bind themselves, their heirs, executors, administrators, soon as practicable after the amount is deter- successors and assigns to the Owner for the performance mined, tender payment therefor to the of the Construction Contract,which is incorporated herein Owner; or by reference. .2 Deny liability in whole or in part and notify the 2 If the Contractor performs the Construction Contract, Owner citing reasons therefor. the Surety and the Contractor shall have no obligation under this Bond, except to participate in conferences as 5 If the Surety does not proceed as provided in Paragraph 4 with reasonable promptness,the Surety shall be deemed provided in Subparagraph 3.1. to be in default on this Bond fifteen days after receipt of an 3 If there is no Owner Default, the Surety's obligation additional written notice from the Owner to the Surety under this Bond shall arise after: demanding that the Surety perform its obligations under 3.1 Owner has notified the Contractor and the this Bond,and the Owner shall be entitled to enforce any Surety.1The its describediedie CoParntractor h 10 belowth remedy available to the Owner. If the Surety proceeds as that the Owner address considering declaring a Contractor provided in Subparagraph 4.4,and the Owner refuses the Default has and attempted to a payment tendered or the Surety has denied liability, in Default ande with the requested and and the Suretyo arranget ae whole or in part,without further notice the Owner shall be conferencheld not later than fifteen days after receipt of such entitled to enforce any remedy available to the Owner. notice to discuss methods of performing the Construc- 6 After the Owner has terminated the Contractor's right tion Contract. If the Owner, the Contractor and the to complete the Construction Contract, and if the Surety Surety agree,the Contractor shall be allowed a reason- elects to act under Subparagraph 4.1, 4.2, or 4.3 above, able time to perform the Construction Contract, but then the responsibilities of the Surety to the Owner shall such an agreement shall not waive the Owner's right, if not be greater than those of the Contractor under the any,subsequently to declare a Contractor Default; and Construction Contract, and the responsibilities of the The Owner a Contractor Default and Owner to the Surety shall not be greater than those of the 3.2mally terminated has the declared a Contractor actorigh toDDefault a complete Owner under the Construction Contract.To the limit of the thefor contract. SuchtheContractor's ctor's r shall not be de- amount of this Bond, but subject to commitment by the cod ntract. t. than nty Contractordayr Defauafter lt hallCon not ber and Owner of the Balance of the Contract Price to mitigation of claSure- the Surety have received notice as provided in Sub- tyc iss and damages oo the Constructionaion Contract,the Sure paragraph 3.1; and ty obligated without duplication for: 3.3 The Owner has agreed to pay the Balance of the 6.1 The responsibilities of the Contractor for correc- Contract Price to the Surety in accordance with the tion deve work and completion of the Construc - act; terms of the Construction Contract or to a contractor tion Contrfectiact; selected to perform the Construction Contract in actor- 6.2 Additional legal, design professional and delay dance with the terms of the contract with the Owner. costs resulting from the Contractor's Default, and re- 4 When the Owner has satisfied the conditions of Para• sulting from the actions or failure to act of the Surety graph 3, the Surety shall promptly and at the Surety's ex under Paragraph 4; and pense take one of the following actions: 6.3 Liquidated damages, or if no liquidated damages 4.1 Arrange for the Contractor, with consent of the are specified in the Construction Contract, actual dam- Owner, to perform and complete the Construction ages caused fthe C delayed performance or non-perfor- o Contract; or moats of Contractor. 4.2 Undertake to perform and complete the Construc- 7 The Surety shall not be liable to the Owner or others for obligations of the Contractor that are unrelated to the Con- tion Contract itself, through its agents or through inde- struction Contract, and the Balance of the Contract Price pendent contractors; or shall not be reduced or set off on account of any such 4.3 Obtain bids or negotiated proposals from unrelated obligations. No right of action shall accrue on qualified contractors acceptable to the Owner for a this Bond to any person or entity other than the Owner or contract for performance and completion of the Con- its heirs, executors, administrators or successors. struction Contract, arrange for a contract to be pre- pared for execution by the Owner and the contractor 8 The Surety hereby waives notice of any change, includ ing changes of time, to the Construction Contract or to selected with the Owner's concurrence, to be secured with performance and payment bonds executed by a related subcontracts, purchase orders and other obliga- qualified surety equivalent to the bonds issued on the tions. Construction Contract, and pay to the Owner the 9 Any proceeding, legal or equitable, under this Bond amount of damages as described in Paragraph 6 in ex- may be instituted in any court of competent jurisdiction in cess of the Balance of the Contract Price incurred by the the location in which the work or part of the work is located Owner resulting from the Contractor's default; or and shall be instituted within two ye ars after Contractor 4.4 Waive its right to perform and complete, arrange Default or within two years after the Contractor ceased for completion, or obtain a new contractor and with working or within two years after the Surety refuses or fails reasonable promptness under the circumstances: to perform its obligations under this Bond, whichever oc- curs the f ions .1 After investigation, determine the amount for prohifbitedlby law,heSminmum period of this Para of liimitationraph areoid ava l- AtA DOCUMENT A312 • PERFORMANCE BOND AND PAYMENT BOND• DECEMBER 1984 ED. •AlA:§• THE AMERICAN INSTITUTE OF ARCHITECTS,1735 NEW YORK AVE., N.W., WASHINGTON, D.C. 20006 A312-1984 2 THIRD PRINTING•MARCH 1987 • able to sureties as a defense in the jurisdiction of the suit tractor of any amounts received or to be received by shall be applicable. the Owner in settlement of insurance or other claims 10 Notice to the Surety,the Owner or the Contractor shall for damages to which the Contractor is entitled, re be mailed or delivered to the address shown on the sig- duced by all valid and proper payments made to or on nature page. behalf of the Contractor under the Construction Con- tract. 11 When this Bond has been furnished to comply with a 12.statutory or other legal requirement in the location where the Construction Contract:The agreement between the construction was to be performed,any provision in this the Owner and the Contractor identified on the sig- Bond conflicting with said statutory or legal requirement nature page, including all Contract Documents and changes thereto. shall be deemed deleted herefrom and provisions con- forming to such statutory or other legal requirement shall 12.3 Contractor Default: Failure of the Contractor, be deemed incorporated herein. The intent is that this which has neither been remedied nor waived, to per- Bond shall be construed as a statutory bond and not as a form or otherwise to comply with the terms of the common law bond. Construction Contract. 12 DEFINITIONS 12.4 Owner Default: Failure of the Owner,which has 12.1 Balance of the Contract Price: The total amount neither been remedied nor waived, to pay the Con- payable by the Owner to the Contractor under the tractor as required by the Construction Contract or to Construction Contract after all proper adjustments perform and complete or comply with the other terms have been made, including allowance to the Con- thereof. MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: (Space is provided below for additional signatures of added parties, other than those appearing on the cover page.) CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate Seal) Company: (Corporate Seal) Signature: Signature: Name and Title: Name and Title: Address: Address: AlA DOCUMENT A312 • PERFORMANCE BOND AND PAYMENT BOND• DECEMBER 1984 ED. •AIA 8 THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W.,WASHINGTON, D.C. 20006 A312-1984 3 THIRD PRINTING •MARCH 1987