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PERFORMANCE BOND <br />KNOW ALL MEN BY THESE PRESENTS: that <br />as <br />Principal (hereinafter called Contractor) and, <br />as Surety (hereinafter called Surety) <br />are held and firmly bound unto as Obligee <br />(hereinafter called Obligee) in the amount of <br />Dollars ($ ), for the payment <br />whereof Contractor and Surety bind themselves, their heirs, executors, admin- <br />istrators, successors and assigns, jointly and severally, firmly by these <br />presents. <br />WHEREAS, Contractor has by written agreement dated , <br />19entered into a contract with the Obligee for construction of <br />in accordance with Drawings <br />and Specifications prepared by which <br />contract is by reference made a part hereof, and is hereinafter referred to as <br />the Contract. <br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contrac- <br />tor shall promptly and faithfully perform said Contract in conformance with <br />the Contract Documents, and all guaranty, indemnity and warranty obligations <br />specified therein, and shall promptly and faithfully remedy any breach of its <br />obligations under the Contract Documents discovered within the time limits set <br />by statute for commencement of actions, and shall pay any damages for unex- <br />cused late completion, then this obligation shall be null and void; otherwise <br />it shall remain in full force and effect. <br />The Surety hereby waives notice of any alteration, changes or extension of <br />time made by the Obligee. <br />Whenever the Contractor shall be, and declared by the Obligee to be in de- <br />fault under the Contract, the Surety may promptly remedy the default, or shall <br />promptly: <br />(1) Complete the Contract in accordance with its terms and conditions, or <br />" if appropriate, <br />W <br />�t - 47 - <br />3595a <br />4/81 <br />