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HomeMy WebLinkAbout#107995583 Performance BondPERFORMANCE BOND RE: Contractor: Puget Sound Energy, Inc. Project Address: City Wide Locations KNOW ALL PERSONS BY THESE PRESENTS: BOND #:107995583 DATE POSTED: June 3, 2024 1. That we Puget Sound Energy, Inc. . (hereinafter called "Principal") a corporation organized under the laws of the State of Wa.sh\.nF and registered to do business in the State of Washington as a contractor, as Principal, and (hereinafter called "Surety"), a corporation organized under the laws of the State of Washington and registered to transact business in the State of Washington as Surety, their heirs, executors, administrators, successors and assigns, are jointly and severally held and bound to the City of Bremerton, Washington, (hereinafter called "City"), and are similarly held and bound unto the beneficiaries of the trust fund created by RCW Chapter 60 .28, in the sum of Thirty Thousand and 00/100----Dollars ($30,000.00), 100% of the contract amount plus any increases in the contract amount that have occurred or may occur due to change orders, increases in the quantities or the addition of any new item of work, the payment of which, well and truly to be paid, we bind ourselves, our heirs, executors and successors, jointly and severally, formally by these presents. 2. The Bremerton Municipal Code requires that a surety bond or other financial security be furnished by the Principal to the City to ensure completion of all Work by Various Dates (date), in conformance with the plans, specifications, standards, permit requirements, development guidelines and other requirements. Principal has agreed to meet this requirement by posting this bond in the amount of one hundred (100) percent of the estimated value of the Work and the estimated cost to restore existing improvements as determined by the City. 3. The Work, including landscaping, shall remain free of defects in material, workmanship, and installation commencing on the date this bond is executed and ending on the date this bond is released in writing by the City. 4. Principal and Travelers Casualty and Surety Company of America, a corporation authorized to transact surety business for performance and maintenance bonds in the State of Washington ("Surety") agree and bind themselves, their heirs, executors, administrators and assigns, unto the City in the penal amount of Thirty Thousand and 00/100--dollars ($30,000.00), lawful money of the United States, according to the following terms and conditions: Performance Bond Rev. 06/2022 Page I of 4 a. Principal shall, at its sole cost and expense, carefully correct any damage or defects in workmanship, materials, or installation to the City-owned real property on which the Work is to take place, and any City-owned facility thereon, and leave the same in as good condition as it was before commencement of the Work. b. Principal and Surety agree that if any of the Work is not complete by the date set forth above, if any of the Work is defective, if damage of existing improvements is observed, or if other activities have occurred which do not comply with the contract, and corrective action is required of the Principal as determined by the City, and the Principal does not commence correction of the same within twenty (20) days of demand by the City, Surety shall, within twenty (20) days of demand by the City, make a written commitment to the City that it will either: i. Correct the defect(s) or complete the Work itself with reasonable diligence pursuant to a time schedule acceptable to the City, or ii. Tender to the City within an additional ten (10) days the amount necessary, as determined by the City, for the City to complete the Work or correct the defect(s), up to the penal amount of the bond. Surety shall then fulfill its obligations under this bond, according to the requirement selected by Surety under either 4(b )(i) or 4(b )(ii) above. If Surety elects to fulfill its obligation under paragraph 4(b)(ii) above, then upon completion, the City shall notify the Surety of the actual cost. The City shall return, without interest, any overpayment made by Surety. Surety shall pay to the City any actual cost which exceeds the City's estimate, limited to the penal amount. This paragraph shall not be construed to obligate the City in any way to complete the Work or to correct any defect, and if the City does so, Principal and Surety shall remain liable to the City to pay all costs of the same. c. No change, extension of time, alteration, or addition to the Work shall affect the obligation of Principal or Surety on this bond, and Surety waives notice of any such change, extension, alteration, or addition. d. As part of the Work, Principal shall fully compensate all its employees, contractors, subcontractors, material men, and anyone else who could claim a lien as a result of the Work. The City is under no obligation to accept the Work as fully performed and to release this bond until the City receives assurance it deems adequate that all such compensation has been made or there is no such compensation to be made. e. This bond shall remain in full force and effect until the obligations secured by it have been fully performed and until the bond is released in writing by the City at the request of Surety or Principal, and until a Warranty Deposit is received. f. If any legal action, including but not limited to the filing of a lawsuit, must Page 2 of 4 Performance Bond Rev. 06/2022 be taken to collect on or to enforce the provisions of this bond, each party shall pay its own costs and attorney fees. This bond shall be interpreted according to the laws of the State of Washington. Any judicial action to resolve disputes arising out of this bond shall be brought in Kitsap County Superior Court. DATED THIS 3rd day of June, 2024. Puget Sound Energy, Inc. PRINCIPAL ~?,LJ!M~~~ ~'0-.M.-C,(__ 't)~o.,vv, ~C(__~ Travelers Casualty and Surety Company of America SURETY By ~ v½-~ Krista M. Lee, Attorney-in-Fact -Surety Mailing Address: ~ Street One Tower Square -State/Zip Hartford, CT 06183 Performance Bond Rev. 06/2022 Page 3 of 4 STATE OF WASHINGTON) G~ANT ) ss. COUNTY OF f€-IT8AP ) On this day ,5 u. .. h e µ\ \ bv-kV\..d --t" personally appeared before me, known to be the individual (Principal) described in and who executed the within and foregoing instrument, and acknowledged that "';;>h.e., signed the same as i:v-,v: free and voluntary act and deed, for the uses and purposes therein mentioned. ,202::_4 ,,,,11111,,, ,,'~ .. QI<('',,,, ____:~'.'l....cl...,..,c:::::_~_:c'.'.:_¥{_.~~~~----- ~ v.-~~-#2Jb): .. ~-:,. Notary Public, m d for the ate of Washington, ~ ~~ · ~~-~...(~ Residing at _l.....,.,:J,...... ~Y:~t;,.;,~\l'\:~ct:---~-___.,_--= { NPOTARY 0 ; = My appointment expires: \D\ O?J \ ,'lO}-7 :. ~ \~ UBLIC ~.: ~ ~ ~ R:\Legal\Leg~~•~frn. w ~~~:eB\Performance Bond Rev. 06 2022.docx ~ .:rt)m,'_~~>W, ~,,,, o;.·i;/As"'~v.. ,,, ,,,,,, .. "'''' Performance Bond Rev. 06/2022 Page 4 of 4 ...... TRAVELERS J Travelers Casualty and Surety Company of America Travelers Casualty and Surety Company St. Paul Fire and Marine Insurance Company POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That Travelers Casualty and Surety Company of America, Travelers Casualty and Surety Company, and St. Paul Fire and Marine Insurance Company are corporations duly organized under the laws of the State of Connecticut (herein collectively called the "Companies"), and that the Companies do hereby make, constitute and appoint Krista M. Lee of Seattle , Washinqton their true and lawful Attorney(s)-in-Fact to sign, execute, seal and acknowledge any and all bonds, recognizances, conditional undertakings and other writings obligatory in the nature thereof on behalf of the Companies in their business of guaranteeing the fidelity of persons, guaranteeing the performance of contracts and executing or guaranteeing bonds and undertakings required or permitted in any actions or proceedings allowed by law. IN WITNESS WHEREOF, the Companies have caused this instrument to be signed, and their corporate seals to be hereto affixed, this 21st day of April, 2021. State of Connecticut City of Hartford ss. On this the 21st day of April, 2021, before me personally appeared Robert L. Raney, who acknowledged himself to be the Senior Vice President of each of the Companies, and that he, as such , being authorized so to do, executed the foregoing instrument for the purposes therein contained by signing on behalf of said Companies by himself as a duly authorized officer. IN WITNESS WHEREOF, I hereunto set my hand and official seal. My Commission expires the 30th day of June, 2026 Anna P. Nowik, Notary Public This Power of Attorney is granted under and by the authority of the following resolutions adopted by the Boards of Directors of each of the Companies, which resolutions are now in full force and effect, reading as follows: RESOLVED, that the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President, any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attorneys-in-Fact and Agents to act for and on behalf of the Company and may give such appointee such authority as his or her certificate of authority may prescribe to sign with the Company's name and seal with the Company's seal bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any of said officers or the Board of Directors at any time may remove any such appointee and revoke the power given him or her; and it is FURTHER RESOLVED, that the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President may delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is in writing and a copy thereof is filed in the office of the Secretary; and it is FURTHER RESOLVED, that any bond , recognizance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional undertaking shall be valid and binding upon the Company when (a) signed by the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary and duly attested and sealed with the Company's seal by a Secretary or Assistant Secretary; or (b) duly executed (under seal, if required) by one or more Attorneys-in-Fact and Agents pursuant to the power prescribed in his or her certificate or their certificates of authority or by one or more Company officers pursuant to a written delegation of authority; and it is FURTHER RESOLVED, that the signature of each of the following officers: President, any Executive Vice President, any Senior Vice President, any Vice President, any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any Power of Attorney or to any certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys-in-Fact for purposes only of executing and attesting bonds and undertakings and other writings obligatory in the nature thereof, and any such Power of Attorney or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and certified by such facsimile signature and facsimile seal shall be valid and binding on the Company in the future with respect to any bond or understanding to which it is attached. I, Kevin E. Hughes, the undersigned, Assistant Secretary of each of the Companies, do hereby certify that the above and foregoing is a true and correct copy of the Power of Attorney executed by said Companies, which remains in full force and effect. Dated this __ 3_rd__ June 2024 ~ Kevin E. H1JQhes,Assistant Secretary To verify the authenticity of this Power of Attorney, please call us at 1-800-421-3880. Please refer to the above-named Attorney(s)-in-Fact and the details of the bond to which this Power of Attorney is attached.