O-2000-2439 - Laserfiche WebLink

Browse Search

CIA Surell e e PERFORMANCE BOND Bond No. 929170216 KNOW ALL MEN BY THESE PRESENTS: That we, BFI Houston Services Group 5301 Brookglen Drive Houston TX 77571 as Principal, and the American Casualty Company of Reading, Pennsylvania , a PA corporation, as Surety, subject to the Conditions, Limitations and Exclusions of this Perfonnance Bond, are fundy bound unto City of LaPorte 604 W. Fairmont LaPorte TX 77571 , hereinafter referred to as the Obligee, for such monetary amount as incurred by the Obligee, not to exceed the penal sum of Five Hundred Fifty Thousand Dollars ($550,000.00 ), as may be required to remedy any contrNOW6\;f,~lt by the Principal in the perfonnance of that certain written contract between Principal and Obligee dated for Commercial Front End Dumpster Service hereinafter referred to as the Contract; for the payment hereof, we bind ourselves, our heirs, executors, administrators and successors, jointly and severally. CONDITIONS The obligation of this Perfonnance Bond shall be null and void unless: (1) the above Contract is in writing,and has been fully executed by both the Principal and the Obligee; (2) the Principal is actually in default under the above Contract, and is declared by the Obligee thereafter to be in default; (3) the Obligee has perfonned all of the obligations of the Obligee under the above Contract; and (4) the Obligee has provided written notice of the default to the Surety as promptly as possible, and in any event, within ten (10) days after such default. LIMITATIONS AND EXCLUSIONS The Surety, as the sole election and discretion of the Surety, may take any of the following actions: (1) With notice to the Obligee, provide fmancial assistance to the Principal to remedy any contractual default by the Principal; or, (2) Undertake the completion of the above Contract by the Surety, through its agents or through independent contractors; or, (3) Detennine the amount for which the Surety may be liable to the Obligee, and as soon as a practicable thereafter, tender payment thereof to the Obligee; or, (4) Pay the full amount of the above penal sum in complete discharge and exoneration of this Perfonnance Bond, and of all liabilities of the Surety relating thereto. If the Surety so elects to act, all payments and expenditures by the Surety shall be applied against the above penal sum and in reduction of the limit ofliability of the Surety.