HomeMy WebLinkAboutPERFORMANCE OR PAYMENT BOND - VIETH CONSTRUCTION CORPORATION Bond No. 2100300
PERFORMANCE AND PAYMENT BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, Vieth Construction Corporation
of Cedar Falls, IA (hereinafter called the Principal),
and North American Specialty Insurance Company of Manchester, NH
(hereinafter called the Surety), are held and firmly bound unto City of Waterloo, Black Hawk
County, IA (hereinafter called the Obligee),
in the penal sum of One Hundred Sixty Six Thousand Four Hundred Fifty Five Dollars and 11/100
Dollars ($ 166,455.11 ), lawful
money of the United States, to payment of which sum, well and truly 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 , 200N
Enter into a written Contract with the City of Waterloo, Black Hawk County, Iowa to do PCC
Sidewalk/Trail as called for Letting June 16, 2009; Proposal ID 07-0636-072, Project:
N H S X-06 3-6(72)--3 H-0 7
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 the
Subcontractors, all just claims due them for labor performed or materials furnished 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 corporations unless the claims of said claimants
against said portion of the Contract price shall have been established as provided by law.
(1 of 2)
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 indemnity 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.
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 (20%) of
the total Contract prince, 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 less 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 ,2009
Vieth Construction Corporation
Principal
North American Specialty Insurance Company
Surety
BYE
leAttarney-in act
Dianne S. Riley
(2 of 2)