FLOOD00548

• County: Rio Blanco
• Community: Meeker
• Stream Name: Sulphur Creek
• Title: Meeker Sulphur Creek Flood Control Project Phase II Improvements Construction Contract Documents and Technical Specifications
• Date: 6/1/1993
• Prepared For: Meeker
• Prepared By: Enartech, Inc.
• Floodplain - Doc Type: Contract

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defaults under the contract or contract~ of completion
arranged under this paragraph) sufficient funds to pay the
cost of completion less the balance of the contract price;
but not exceeding, including other costs and damdges
for \vhich the Surety may be liable hereunder. the amount
set forth in the fIrst paragraph h€'reof. The term "balance
of the contract price," as used in this paragraph, shall
mean the total amount payable by Owner to Contractor
under the Contract and any amendments thereto, less
the amount properly paid by' Owner to Contractor.

Any suit under this bond must be instituted before
the expiration of two (2) years from the date on which
final payment under the Contract falls due.

No right of action shall accrue on this bond to or for
the use of any person or corporation other than the
Owner named herein or the heirs, executors, adminis-
trators or successors of the Owner.

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PERFORMANCE BOND

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NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform
said Contract, then this obligatIOn shall be null and void; otherwise it shall remain in full force and effect.

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The Surety hereby waives notice of any alteration Or
extension of time made by the Owner.

Whenever Contractor shall be, and declared by Owner
to be in default under the Contract, the Owner haVIng
performed Owner's obligations thereunder, the Surety
may promptly remedy the default, or shall promptly

1) Complete the Contract in accordance with its terms
and conditions, or

2) Obtain a bid or bids for completing the Contract rn
accordance with Its terms and conditions, and upon de-
termination by Surety of the lowest responSIble bidder,
or, if the Owner elects, upon determination by the
Owner and the Surety jointly of the lowest responsible
bidder, arrange for a contract between such bidder and
Owner, and make available as Work progresses (even
though there should be a default or a succession of

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Signed and sealed this

day of

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(WJ(n{'~~)

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AlA DOCUMENT A31T . I'fRrORv,ANCE BONO -\~[) L/\ROR AND .\.1AHRIAl PAYMENT BONO. AlA @
IfBKU'\RY 11l7(l lD . THE ..\Mt.!,I( .\N It~STITUH Of .\!.:( ~lIHCT<" ~7J5 N Y. AVE. ~ IN, WASHINCTON, 0_ C. ~OOO6

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