HomeMy WebLinkAboutPERFORMANCE BOND THE AMERICAN INSTITUTE OF ARCHITECTS
Bond No.54-168754
AIA 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):
Prairie Construction Co., Inc. United Fire & Casualty Company
P.O. Box 626 P. O. Box 73909
Waterloo, IA 50704 Cedar Rapids, IA 52407-3909
OWNER (Name and Address):
City of Waterloo
715 Mulberry
Waterloo, IA 50703
CONSTRUCTION CONTRACT
Date: November 15, 2007
Amount: ($ 112,800.00 ) One Hundred Twelve Thousand Eight Hundred Dollars and 00/100
Description (Name and Location):2007 Riverfront Stadium East Concession Renovations, Waterloo Leisure
Services in Waterloo, Iowa
BOND
Date (Not earlier than Construction Contract Date): November 15, 2007
Amount: ($112,800.00 ) One Hundred Twelve Thousand Eight Hundred Dollars and 00/100
Modifications to this Bond: ® None ❑ See Page 3
CONTRACTOR AS PRINCIPAL SURETY
Company: (Corporate Seal) Company: (Corporate Seal)
Prairie Constru�c onCo.,� /
c. United Fire & Casualty Company J.4
Sig nature: /� ` �, )��'�2 Si nature: <
Name and Title: Michael L. Christiason Name and Ti e: Dianne S. Riley
President Attorney-in-Fact
(Any additional signatures appear on page 3)
(FOR INFORMATION 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 PLC
West Des Moines, IA 50266 314 E. 4th Street
515 223-6800 Waterloo, IA 50703
AR 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 5 if the Surety does not proceed as provided in Paragraph
under this Bond, except to participate in conferences as 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
this Bond, and the Owner shall be entitled to enforce any
3.1 The Owner has notified the Contractor and the remedy available to the Owner. if the Surety proceeds as
Surety at its address described in Paragraph 10 below provided in Subparagraph 4.4, and the Owner refuses the
that the Owner is considering declaring a Contractor payment tendered or the Surety has denied liability, in
Default and has requested and attempted to arrange a whole or in part,without further notice the Owner shall be
conference with the Contractor and the Surety to be entitled to enforce any remedy available to the Owner.
held not later than fifteen days after receipt of such
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 it 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
3.2 The Owner has a Contractor Default and Owner to the Surety shall not be greater than those of the
formally terminatednrh the declared a Contractor
aotoD complete Owner under the Construction Contract.To the limit of the
rightP amount of this Bond, but subject to commitment by the
the contract. Such Contractor Default shall not be de- Owner of the Balance of the Contract Price to mitigation of
Glared earlier than twenty days after the Contractor and costs and damages on the Construction Contract,the Sure-
the Surety have received notice as provided in Sub- ty is obligated without duplication for:
paragraph 3.1; and
6.1 The responsibilities of the Contractor for correc-
3.3 The Owner has agreed to pay the Balance of the tion of defective work and completion of the Construc-
Contract Price to the Surety in accordance with the tion Contract;
terms of the Construction Contract or to a contractor
selected to perform the Construction Contract in accor- 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
under Paragraph 4; and
graph 3, the Surety shall promptly and at the Surety's ex-
pense take one of the following actions: 6.3 Liquidated damages, or if no liquidated damages
are specified in the Construction Contract,actual dam-
4.1 Arrange for the Contractor, with consent of the ages caused by delayed performance or non-perfor-
Owner, to perform and complete the Construction mance of the Contractor.
Contract; or
7 The Surety shall not be liable to the Owner or others for
4.2 Undertake to perform and complete the Construc- 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-
8 The Surety hereby waives notice of any change, includ-
pared for execution by the Owner and the contractor ing changes of time, to the Construction Contract or to
selected with the Owner's concurrence, to be secured related subcontracts, purchase orders and other obliga-
with performance and payment bonds executed by a
qualified surety equivalent to the bonds issued on the lions.
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 years 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 first. If the provisions of this Paragraph are void or
.1 After investigation, determine the amount for prohibited by law, the minimum period of limitation avail-
MA DOCUMENT A312 • PERFORMANCE BOND AND PAYMENT BOND • DECEMBER 1984 ED. • AIA
THE AMERICAN INSTITUTE OF ARCHITECTS, 173S NEW YORK AVE., N.W., WASHINGTON. D.C. 2000& A312-19134 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
for damages to which the Contractor is entitled, re-
10 Notice to the Surety,the Owner or the Contractor shall
be mailed or delivered to the address shown on the sig- behalf by all Contractord and proper payments made to or on
behalf of the under the Construction Con-
nature page. tract.
11 When this Bond has been furnished to comply with a 12.2 Construction Contract:The agreement between
statutory or other legal requirement in the location where the Owner and the Contractor identified on the sig-
the construction was to be performed,any provision in this nature page, including all Contract Documents and
Bond conflicting with said statutory or legal requirement 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
neither been remedied nor waived, to pay the Con-
12.1 Balance of the Contract Price: The total amount
tractor as required by the Construction Contract or to
payable by the Owner to the Contractor under the perform and complete or comply with the other terms
Construction Contract after all proper adjustments thereof.
have been made, including allowance to the Con-
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:
AR DOCUMENT A312• PERFORMANCE BOND AND PAYMENT BOND •DECEMBER 1984 ED. •AR a
THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W.,WASHINGTON, D.C. 20006 A312-1984 3
THIRD PRINTING•MARCH 1987