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Home My WebLink AboutPERFORMANCE BOND I . THE AMERICAN INSTITUTE OF ARCHITECTS • 0111 v • • 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): Service Roofing Company AMCO Insurance Company PO Box 818 Des Moines, IA Waterloo, IA 50704-0818 OWNER(Name and Address): • • City of Waterloo 715 Mulberry Street • Waterloo, IA 50703-5783 CONTSTRUCTION CONTRACT Date: June 18,2007 Amount: $63,965.00 Description(Name and Location): • F.Y. 2007 Roof Program BOND Date(Not earlier than Construction Contract Date): June 18,2007 Amount: $63,965.00 • • Modifications to this Bond: 0 None 0 See Page 3 CONTRACTOR AS PRINCIPAL SURETY Company: (Corporate Seal) Company: (Corporate Seal) Service Roofin Co •an 4 AMCO Ins e Compa y Signature: AIM °C i%E—�J'��f�1 Signature: ) �� Name and Title: Name and Title: Robert L. Hammerb ,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 other First Iowa.Insurance Agency, Inc. Part): 4201 Glass Road NE,Cedar Rapids, IA 52402 VJ Engineering 319-393-5262 • 1501 Technology Pkwy,Ste 100,Cedar Falls,IA 50613 AIA DOCUMENT A312•PERFORMANCE BOND AND PAYMENT POND• DECEMBER 1984 ED. •AIA A31Z�1984 j • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVI., N.W., WASHINGTON, D.C. 20006 1 The Contractor and the Surety,jointly and severally,bind .1 After investigation, determine the amount for themselves, their heirs, executors, administrators, succes- which it may be liable to the Owner and,as soon as sors and assigns to the Owner for the performance of the practible after the amount is determined,tender Construction Contract, which is incorporated herein by payment therefor to the Owner;or reference. .2 Deny liability in whole or in part and notify the Owner citing reasons therefor. 2 If the Contractor performs the Construction Contract,the Surety and the Contractor shall have no obligation under this 5 If the Surety does not proceed as provided in Paragraph 4 Bond, except to participate in conferences as provided in with reasonable promptness,the Surety shall be deemed to Subparagraph 3.1. be in default on this Bond fifteen days after receipt of an additional written notice from the Owner to the Surety 3 If there is no Owner Default,the Surety's obligation under demanding that the Surety perform its obligations under this this Bond shall arise after: Bond,and the Owner shall be entitled to enforce any remedy available to the Owner.If the Surety proceeds as provided in 3.1 The Owner has notified the Contractor and the Subparagraph 4.4, and the Owner refuses the payment Surety at its address described in Paragraph 10 below that tendered or the Surety has denied liability,in wholeor in part, the Owner is considering declaring a Contractor Default without further notice the Owner shall be entitled to enforce and has requested and attempted to arrange a conference any remedy available to the Owner. with the Contractor and the Surety to be held not later than fifteen days after receipt of such notice to discuss 6 After the Owner has terminated the Contractor's right to methods of performing the Construction Contract. If the complete the Construction Contract,and if the Surety elects Owner,the Contractor and the Surety agree,the Contrac- to act under Subparagraph 4.1,4.2,or 4.3 above,then the for shall be allowed a reasonable time to perform the responsibilities of the Surety to the Owner shall not be Construction Contract, but such an agreement shall not greater than those of the Contractor under the Construction waive the Owner's right,if any,subsequently to declare a Contract,and the responsibilities of the Owner to the Surety Contractor Default;and shall not be greater than those of the Owner under the 3.2 The Owner has declared a Contractor Default and Construction Contract. To the limit of the amount of this formally terminated the Contractor's right to complete the Bond, but subject to commitment by the Owner of the contract.Such Contractor Default shall not be declared Balance of the Contract Price to mitigation of costs and earlier than twenty days after the Contractor and the damages on the Construction Contract, the Surety is ob- Surety have received notice as provided in Subparagraph ligated without duplication for: 3.1;and 6.1 The responsibilities of the Contractor for correction 3.3 The Owner has agreed to pay the Balance of the of defective work and completion of the Construction Contract Price to the Surety in accordance with the terms Contract; of the Construction Contract or to a contractor selected to 6.2 Additional legal,design professional and delay costs perform the Construction Contract in accordance with the resulting from the Contractor's Default, and resulting terms of the contract with the Owner. from the actions or failure to act of the Surety under 4 When the Owner has satisfied the conditions of Para- Paragraph 4;and graph 3,the Surety shall promptly and at the Surety's expense 6.3 Liquidated damages,or if no liquidated damages are take one of the following actions: specified in the Construction Contract, actual damages 4.1 Arrange for the Contractor, with consent of the caused by delayed performance or non-performance of Owner,to perform and complete the Construction Con- the Contractor. • tract;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 tion Contract itself, through its agents or through inde- Construction Contract,and the Balance of the Contract Price pendent contractors;or shall not be reduced or set off on account of any such unrelated obligations.No right of action shall accrue on this 4.3 Obtain bids or negotiated proposals from qualified Bond to any person or entity other than the Owner or its contractors acceptable to the Owner for a contract for heirs,executors,administrators or successors. performance and completion of the Construction Con- tract,arrange for a contract to be prepared for execution 8 The Surety hereby waives notice of any change,including by the Owner and the contractor selected with the Own- changes of time, to the Construction Contract or to related er's concurrence, to be secured with performance and subcontracts,purchase orders and other obligations. payment bonds executed by a qualified surety equivalent to the bonds issued on the Construction Contract,and pay 9 Any proceeding,legal or equitable,under this Bond may to the Owner the amount of damages as described in be instituted in any court of competent jurisdiction in the Paragraph 6 in excess of the Balance of the Contract Price location in which the work or part of the work is located and incurred by the Owner resulting from the Contractor's shall be instituted within two years after Contractor Default or default;or within two years after the Contractor ceased working or 4.4 Waive its right to perform and complete,arrange for within two years after the Surety refuses or fails to perform its completion, or obtain a new contractor and with rea- obligations under this Bond, whichever occurs first. If the sonable promptness under the circumstances: provisions of this Paragraph are void or prohibited by law,the 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 2 minimum period of limitation available to sureties as a struction Contract after all proper adjustments have been defense in the jursidiction of the suit shall be applicable. made, including allowance to the Contractor of any amounts received or to be received by the Owner in 10 Notice to the Surety,the Owner or the Contractor shall settlement of insurance or other claims for damages to be mailed or delivered to the address shown on the signature which the Contractor is entitled,reduced by all valid and page. proper payments made to or on behalf of the Contractor under the Construction Contract. 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 , the Owner and the Contractor identified on the signature construction was to be performed,any provision in this Bond page, including all Contract Documents and changes conflicting with said statutory or legal requirement shall be thereto. deemed deleted herefrom and provisions conforming to such statutory or other legal requirement shall be deemed 12.3 Contractor Default: Failure of the Contractor, incorporated herein. The intent is that this Bond shall be which has neither been remedied nor waived,to perform • construed as a statutory bond and not as a common law or otherwise to comply with the terms of the Construction bond. Contract. 12.4 Owner Default: Failure of the Owner, which has 12 DEFINITIONS neither been remedied nor waived,to pay the Contractor 12.1 Balance of the Contract Price: The total amount as required by the Construction Contract or to perform payable by the Owner to the Contractor under the Con- and complete or comply with the other terms thereof. MODIFICATIONS TO THIS BOND ARE AS FOLLOWS: a • • • • (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: AIA 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 3