05-28-1985 Council Packet - Laserfiche WebLink

Home Browse Search

PM eft (1) Complete the Contract in accordance its terms and conditions, or if appropriate, (2) Obtain a h'.d or bids for completing the Contract in accordance with its terms and conditions, and upon determination by the Obligee and the Surety i jointly of the lowest responsible bidd r, arrange for a contract between such bidder and Surety, and make available hs Work progresses (even though there shall be a default or a succession of defaults under ,ic contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion and ether cysts ar3 damages Fn which the Surety may be liable hereunder, but not exceeding ;'.e amount set '7orth in the first paragraph here- of leas the balance of 11io (_nntract price. T`ie term "balance of the contract price," as used in this paragraph shal' mean the total amount payable by the Obligee to Contractor under the Contract and any amendments thereto, less the amount paid by the Obligee to Contract(, of if appropriate, 1� (3) Promptly pay such sums to the Obligee as the Obligee may be entitled M from the Contractor under the Contract Docum- or for the breach thereof, tp but not exceeding the amount set fort' in t} paragraph hereof. Tne surety agrees to be t �und by , awa. .,ranted to the Obligee against the Contcact(,i 'n arbitration or judicial proceeding commenced pursuant to the Contract iments. No right .1 shall accrue on this bond to or for the use of any per- son or corpo )tb r than the Obligee named herein cr the !i-,ccessors of. the Obligee. • Signed and sealed t _—day of 19_ of is e I s Witn�8s _- Contractor Signature TTyped or Printed name of Signer) Title Signature (Typed or Printed name of :ter) Title 1/R5 - 8507b ropvright 1995 sonestroo, Rosen, An4vel' - 53 -