1999-12-16_GENERAL DOCUMENTS - C1981017

Home Browse Search

AND THE SAID SURETY, for value received hereby stipulates and agrees that whenever the Principal shall be, and declared by the Principal Representative to be in default under said Contract, the State of Colorado having performed its obligations thereunder, the Surety may promptly remedy the default or shall promptly (I) Complete the Contract in accordance with its terms and conditions, or (2) Obtain a bid or bids for submittal to the Principal Representative for completing the Contract in accordance with its terms and conditions, and upon determination by the Principal Representative and Surety of the lowest responsible bidder, arrange for a contract between such bidder and the State of Colorado acting by and through the Principal Representative and make available as work progresses (even though there should be a default or a succession of defaults under the contract or contracts 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 damages for which the Surety may be liable hereun- der, the amount hereinbefore set forth. The term "balance of the contract price" as herein used shall mean the total amount payable to the Principal under the Contract and any amendments thereto, less the amount properly Daid by the State of Colorado to the Contractor. No right of action shall accrue on this bond to or for the use of any person or corporation other than .ne State of Colorado. IN WITNESS WHEREOF, the Principal and the Surety have executed this Bond, this 31ST day of T[TT.Y (Corporate Seal) State Form SC -6 22 Is3ued 9 /1/65 (Rev. 7/1/701 (Corporate Seal) , A.D., 19 98 . PRINCIPAL DIRT — N — IRON, INC. By ` ''t O'LC: , - Title MAXINE M. FRICK — PRESIDENT SURETY FAR W S //RANCE ! /AMP:/ B y ./MM I Flia WL. . ' ■ r , ttorn y - in - fact WILSON W. COL MAN THIS BOND MUST BE ACCOMPANIED BY A POWER OF ATTORNEY, EFFECTIVELY DATED Note: This bond is issued simultaneously with another bond conditioned for the full and faithtul payment for all labor and material of the contract.