2009-10-26 Regular Meeting, Public Hearing and Workshop Meeting of La Porte City Council

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PAYMENT BOND BID #10002 STATE OF TEXAS COUNTY OF Harris KNOW ALL MEN BY THESE PRESENTS: That Hull & Hull, Inc. of the City of Houston County of Harris , and State of Texas I as principal, and SureTec Insurance Company authorized under the laws of the State of Texas to act as surety on bonds for principals, are held and firmly bound unto The City of La Porte (Owner), in the penal sum of dollars ($ 70,635.00/100--- ) for the payment whereof, the said Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, by t~.~e e presents: ~~ WHEREAS, the Principal has entered into a certain written contract with the Owner, dated the j.Jit'.2(#\ day of.lli''''imger,w~t~~OOQ, to which contract is hereby referred to and made apart hereof as fully and to the same extent as if copied at length herein. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall pay all claimants supplying labor and material to him or a subcontractor in the prosecution of the work provided for in said contract, then, this obligation shall be void; otherwise to remain in full force and effect; "PROVIDED, HOWEVER, that this bond is executed pursuant to the provisions of Vernon's Texas Codes Annotated. Texas Government Code. Chapter 2253, as amended and all liabilities on this bond shall be determined in accordance with the provisions of said Article to the same extent as if it were copied at length herein." Surety, for value received, stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract, or to the work performed thereunder, or the plans, specifications, or drawings accompanying the same, shall in such change extension of time, alteration or addition to the terms of the contract, or to the work to be performed thereunder.