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HomeMy WebLinkAboutPerformance Bond copy PERFORMANCE BOND (Page 1 of 2) Bond No. 023217310 KNOW ALL MEN BY THESE PRESENTS, That Active Construction, Inc. as CONTRACTOR, and Liberty Mutual Insurance Company as Surety, are held and firmly bound unto City of Bremerton hereinafter called"OWNER,"in the sum of Six Million Two Hundred Thirty-Seven Thousand Two Hundred Thirty-Seven and No/100ths ($6,237,237.00) dollars, for the payment of which sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators,successors,and assigns,jointly and severally,firmly by these presents. THE CONDITIONS OF THIS OBLIGATION ARE SUCH,that said CONTRACTOR has been awarded and is about to enter into the annexed Agreement with said OWNER to perform the WORK as specified or indicated in the Contract Documents entitled"City of Bremerton,Department of Public Works and Utilities,Bremerton,Washington,Oyster Bay Beach Sewer Upgrades";now,therefore, In the event CONTRACTOR fails to timely or properly perform any of the requirements of the Contract Documents at the times and in the manner contained therein,the Surety shall be liable under this bond up to the amount of the bond for the full amount of the OWNERS's expenses to construct or repair all work as well as all loss, cost, expense or damage suffered by the OWNER in excess of the Contract amount due to the CONTRACTOR'S failure to comply with any contract or permit conditions or other applicable laws and regulations. The Surety agrees that within 30 calendar days of receiving notice that the OWNER has declared a CONTRACTOR default and formally terminated the CONTRACTOR'S right to complete the Contract pursuant to its terms and conditions and that the CONTRACTOR has defaulted on all or part of the terms guaranteed by this bond,the Surety shall either: 1. Notify the OWNER in writing of its intent to cure the default itself within a reasonable period of time acceptable to the OWNER. The OWNER agrees to pay the balance of the Contract price to the Surety in accordance with the terms of the Contract,or 2. Tender to the OWNER the demanded sum, up to the amount of the bond. However,if the amount necessary for the OWNER to cure the default is less than the amount tendered,the OWNER will return,without interest,any overpayment to the Surety. PROVIDED,that any alterations in the WORK to be done or the materials to be furnished,or changes in the time of completion, which may be made pursuant to the terms of said Contract Documents, shall not in any way release said CONTRACTOR or said Surety hereunder,nor shall any extensions of time granted under the provisions of said Contract Documents, release either said CONTRACTOR or said Surety,and notice of such alterations or extensions of the Agreement is hereby waived by said Surety. City of Bremerton March 2021 Oyster Bay Beach Sewer Upgrades CF-9 PERFORMANCE BOND (Page 2 of 2) The obligation of the Surety shall include reimbursing the City for all costs and expenses, (including, but not limited to fees and charges of engineers, architects, attorneys, and other professionals, and court costs if litigation is commenced)incurred by the OWNER in enforcing the provisions of this Bond. The CONTRACTOR hereby agrees that the CONTRACTOR'S obligation to perform the required work is not limited to the amount of funds held by the Surety.This bond is irrevocable and cannot be canceled by the Surety or the CONTRACTOR. This bond shall remain in full force and effect for a period of one (1)year following final acceptance of the project by the City,and until the bond is released in writing by the OWNER at the written request of the Surety or CONTRACTOR. IN WITNESS WHEREOF, we have hereunder set our hands and seals this 12th day of May 2021. (SEAL) (SEAL) Active Construction, Inc. Liberty Mutual Insurance Company (CONTRACTOR) (Su • By: By: Ira. ..:.,.► and SEAL) _►� i na r: a ••�/�'.(Signature ►�.Vi� �cCGW1,+� g !L!►'" ' ) Carley Espiritu, Tresiclevti' Attorney-in-Fact (SEAL AND NOTARIAL ACKNOWLEDGEMENT OF SURETY) Address of Surety to which all notices shall be sent: Liberty Mutual Insurance Company 1001 4th Avenue,Suite 3700 Seattle.WA 98154 Address of Surety for service of process: Libe y Mutual Insurance Company (must be a physical address) 1001 4th Avenue,Suite 3700 Seattle,WA 98154 City of Bremerton March 2021 Oyster Bay Beach Sewer Upgrades CF-10 PAYMENT BOND (Page 1 of 2) Bond No. 023217310 KNOW ALL MEN BY THESE PRESENTS, That Active Construction, Inc. as CONTRACTOR, and Liberty Mutual Insurance Company as Surety, are held and firmly bound unto City of Bremerton hereinafter called"OWNER,"in the sum of Six Million Two Hundred Thirty-Seven Thousand Two Hundred Thirty-Seven and No/100ths ($6,237,237.00) dollars, for the payment of which sum,well and truly to be made,we bind ourselves,our heirs,executors, administrators,successors,and assigns,jointly and severally,firmly by these presents. THE CONDITIONS OF THIS OBLIGATION ARE SUCH,that said CONTRACTOR has been awarded and is about to enter into the annexed CONTRACT with said OWNER to perform the WORK as specified or indicated in the Contract Documents entitled"City of Bremerton,Department of Public Works and Utilities,Bremerton,Washington,Oyster Bay Beach Sewer Upgrades"; now,therefore, If said CONTRACTOR,or subcontractor,fails to pay for any materials,equipment,or other supplies,or for rental of same,used in connection with the performance of work contracted to be done,or for amounts due under applicable State law for any work or labor thereon,said Surety will pay for the same in an amount not exceeding the sum specified above,and,in the event suit is brought upon this bond,reasonable attorney's fees to be fixed by the court. This bond shall inure to the benefit of any persons,companies,or corporations entitled to file claims under applicable State law so as to give a right of action to them or their assigns in any suit brought upon this bond. PROVIDED,that any alterations in the WORK to be done or the materials to be furnished,or changes in the time of completion,which may be made pursuant to the terms of said Contract Documents, shall not in any way release said CONTRACTOR or said Surety thereunder,nor shall any extensions of time granted under the provisions of said Contract Documents release either said CONTRACTOR or said Surety,and notice of such alterations or extensions of the CONTRACT is hereby waived by said Surety. The obligation of the Surety shall include reimbursing the City of all costs and expenses,(including, but not limited to fee and charges of engineers,architects,attorneys,and other professionals,and court costs if litigation is commenced)incurred by the OWNER in enforcing the provisions of this Bond. City of Bremerton March 2021 Oyster Bay Beach Sewer Upgrades CF-I I tti PAYMENT BOND (Page 2 of 2) IN WITNESS WHEREOF,we have hereunder set our hands and seals this 12th day of May ,2021. Active Construction, Inc. Liberty Mutual Insurance Company (CONTRACTOR) e3P By: By: (Signature and SEAL) 'bath Ll, C[Lr►n4•i (Signa e a A ) Carley Espiritu, k�rrs C de.rt-k- Attorney-in-Fact (SEAL AND NOTARIAL ACKNOWLEDGEMENT OF SURETY) Address of Surety to which all notices shall be sent: Liberty Mutual Insurance Company 1001 4th Avenue, Suite 3700 Seattle,WA 98154 Address of Surety for service of process: Liberty Mutual Insurance Company (must be a physical address) 1001 4th Avenue, Suite 3700 Seattle,WA 98154 END OF CONTRACT FORMS City of Bremerton March 2021 Oyster Bay Beach Sewer Upgrades CF-12