HomeMy WebLinkAboutChinchor Electric Performance Bond -2002 01 22~ * * •
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• Bond # OCN516294
PERFORMANCE BOND
The American Institute of Architects,
AIA Document No. A312 (December, 1984 Edition)
Any singular reference to Contractor, Surety, Owner or other
party shall be considered plural where applicable.
CONTRACTOR (Name and Address):
Chinchor Electric Inc.
P.O. Box 4311
Enterprise, Fl 32725
CONSTRUCTION CONTRACT
Date: 01/21/2002
Amount: 108,395.96
OWNER (Name and Address):
City Of Winter Springs
1126 East State Road 434
Winter Springs, Fl. 32708
SURETY (Name and Principal Place of Business):
Old Republic Surety Company
P.O. Box 4668
Winter Park, Fl. 32793
Description (Name and Location): Traffic Signalization at S.R. 434 & Vistawilla Blvd, Winter Springs, Fl.
BOND
Date (Not earlier than Construction Contract Date):O1/25/02
Amount: 108,395.96
Modificarions to this Bond:
® None
^ See Page 2
CON?RAC,'TOR AS PRINCIPAL
Company: (Corporate Seal)
Chinchor Electric Inc.
Signature: -- °~ "'~"~
Name and T m Clifford, T s r
(Any additional signatures appear on page 2.)
(FOR INFORMATION Only- Name, Address and Telephone)
AGENT or BROKER: Blackadar Insurance Agency, Inc.
407-831-3832
1 The Contractor and the Surety, jointly and severally, bind them-
selves, their heirs, executors, administrators, successors and assigns
to the Owner for the performance of the Construction Contract, which
is incorporated herein by reference.
2 If the Contractor performs the Construction Contract, the Surety and
the Contractor shall have no obligation under this Bond, except to par-
ticipate in conferences as provided in Subparagraph 3.1.
3 If there is no Owner Default! the Surety's obligation under this Bond
shall arise after:
3.1 The Owner has notified the Contractor and the Surety at its
address described in Paragraph 10 below that the Owner is con-
sidering declaring a Contractor Default and has requested and
attempted to arrange a conference with the Contractor and the
Surety to be held not later than fifteen days after receipt of such
notice to discuss methods of performing the Construction Contract.
If the Owner, the Contractor and the Surety agree, the Contractor
shall be allowed a reasonable time to perform the Construction Con-
tract, but such an agreement shall not waive the Owner's right, if
any, subsequently to declare a Contractor Default; and
3.2 The Owner has declared a Contractor Default and formally
terminated the Contractor's right to complete the contract. Such
Contractor Default shall not be declared earlier than twenty days
after the Contractor and Surety have received notice as provided
in Subparagraph 3.1; and
SURETY
Company: (Corporate Seel)
Old Republic mpany
f
Signatur
Name and Title: PATRICIA V. HIELSCHER
as Attorney in Fact
OWNER'S REPRESENTATIVE (Architect, Engineer or other
party):
3.3 The Owner has agreed to pay the Balance of the Contract Price
to the Surety in accordance with the terms of the Construction
Contract or to a contractor selected to perform the Construction
Contract in accordance with the terms of the contract with the
Owner.
4 When the Owner has satisfied the conditions of Paragraph 3, the
Surety shall promptly and at the Surety's expense take one of the
following actions:
4.1 Arrange for the Contractor with consent of the Owner, to
perform and complete the Construction Contract; or
4.2 Undertake to perform and complete the Construction Contract
itself, through its agents or through independent contractors; or
4.3 Obtain bids or negotiated proposals from qualified contractors
acceptable to the Owner for a contract for performance and com-
pletion of the Construction Contract, arrange for a contract to be
prepared for execution by the Owner and the contractor selected
with the Owner's concurrence, to be secured with performance
and payment bonds executed by a qualified surety equivalent to
the bonds issued on the Construction Contract, and pay to the
Owner the amount of damages as described in Paragraph 6 in
excess of the Balance of the Contract Price incurred by the Owner
resulting from the Contractor's default; or
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