HomeMy WebLinkAbout903 BUCKINGHAM ST - CORRESPONDENCE - 12/23/1998AIA Document A312
Performance Bond 19-0120-47515-98-6
Conforms with the American Institute of Architects, AIA Document A312.
Any singular reference to Contractor, Surety, Owner or other party shall be considered plural where applicable.
CONTRACTOR (Name and Address):
King Contracting, Inc.
300 Madison Avenue
Loveland, CO 80537
OWNER (Name and Address):
City of Fort Collins
300 Laporte Avenue
Fort Collins, CO 80521
CONSTRUCTION CONTRACT
SURETY (Name and Principal Place of Business):
United States Fidelity and Guaranty Company
4100 E. Mississippi Ave., #900
Denver, CO 80246
Date:
Amount: Thirty Three Thousand and 00/100-------------------- ($33,000.00)
Description (Name and Location): Landscape Installation at Vanworks
903 Buckingham, Fort Collins, CO 80524
BOND
Date (Not earlier than Construction Contract Date):
Amount: Thirty Three Thousand and 00/100-------------------- ($33,000.00)
Modifications to this Bond:
CONTRACTOR AS PRINCIPAL
Company: King Contracting, Inc. (Corporate Seal)
3 `
Signature:
Name and Title: '
(Any additional signatures appear on 2.)
(FOR INFORMATION ONLY - Name, Address and
Telephone) AGENT or BROKER:
1 The Contractor and the Surety, jointly and severally, bind themselves,
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
participate 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 considering
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
® None ❑ See Page 2
SURETY
Company: United States Fidelity and (Corporate Seal)
Guaranty Company
Signature: l `�✓V;,".!. J / �. jG<,�'
Name and Title! Kathryn Y�Broyles f ttomey= n-Faces
OWNER'S REPRESENTATIVE (Architect, Engineer or other
lam):
perform the Construction Contract, 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 formallv
terminated the Contractor's right to complete the contract. Such
Contractor Default shall not be declared earlier than twenty days
after the Contractor and the Surety have received notice as
provided in Subparagraph 3.1; and
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:
SURETY 5025 (6-92)
iform and complete the Construction Contracr. or
4.2 Undertake to perform and complete the Construction Contract
itself, through its ag4its or through independent contractors; or
4.3 Obtain lids 'or negotiated proposals from qualified contractors
acceptable to the Owner for a contract for performance and
completion of the Construction Contract, arrange for a contract to be
prepared for execution by the Owner and the contractor selected with
the Owners 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
4A waive its right to perform and complete, arrange for completion,
or obtain a new contractor. and with reasonable promptness under the
circumstances:
1 After investigation, determine the amount for which it
may be liable to the Owner and, as -soon as practicable
after the amount is determined, tender payment therefor
to the Owner, or
.2 Deny liability in whole or in part and notify the Owner
citing reasons therefor.
If the Surety does not proceed as provided in Paragraph 4 with
asonable promptness, the Surety shall be deemed to be in default on this
,nd fifteen days after receipt of an additional written notice from the
,finer to the Surety demanding that the Surety perform its obligations
.der this Bond, and the Owner shall be entitled to enforce any remedy
ailable to the Owner. If the Surety proceeds as provided in
:bparagraph 4.4, and the Owner refuses the payment tendered or the
xety has denied liability, in whole or in part, without further notice the
.finer shall be entitled to enforce any remedy available to the Owner.
After the Owner has terminated the Contractor's right to complete the
mstruction Contract, and if the Surety elects to act under Subparagraph
1, 4.2, or 4.3 above, then the responsibilities of the Surety to the Owner
all not be greater than those of the Contractor under the Construction
mtract, and the responsibilities of the Owner to the Surety shall not be
eater than those of the Owner under the Construction Contract. To the
nit of the amount of this Bond, but subject to commitment by the Owner
the Balance of the Contract Price to mitigation of costs and damages on
e Construction Contract, the Surety is obligated without duplication for
6.1 The responsibilities of the Contractor for correction of defective
work and completion of the Construction Contract;
6.2 Additional legal, design professional and delay costs resulting
from the Contractor's Default, and resulting from the actions or
failure to act of the Surety under Paragraph 4; and
6.3 Liquidated damages, or if no liquidated damages are specified in
the Construction Contract, actual damages caused by delayed
performance or non-performance of the Contractor.
I tODIFICATIONS TO THIS BOND ARE AS FOLLOWS:
of the Contractor that are unrelated to the Construction Contract, and the
Balance of the Contract Price shall not be reduced or set off on account of
anv such unrelated obligations. No right of action shall accrue on this
Bond to any person or entity other than the Owner or its heirs, executors,
administrators or successors.
8 The Surety hereby waives notice of any change, including changes of
time, to the Construction Contract or to related subcontracts, purchase
orders and other obligations.
9 Any proceeding, legal or equitable, under this Bond may be
instituted in any court of competent jurisdiction in the location in which
the work or part of the work is located and shall be instituted within two
years after Contractor Default or within two years after the Contractor
ceased working or within two years after the Surety refuses or fails to
perform its obligations under this Bond, whichever occurs first. If the
provisions of this Paragraph are void or prohibited by law, the minimum
period of limitation available to sureties as a defense in the jurisdiction of
the suit shall be applicable.
10 Notice to the Surety, the Owner or the Contractor shall be mailed or
delivered to the address shown on the signature page.
11 When this Bond has been furnished to comply with a statutory or
other legal requirement in the location where the construction was to be
performed, any provision in this Bond conflicting with said statutory or
legal requirement deleted herefroin and provisions conforming to such
statutory or other legal requirement shall be deemed incorporated herein.
The intent is that this Bond shall be construed as a statutory bond and not
as a common law bond.
12 DEFINITIONS
12.1 Balance of the Contract Price: The total amount payable by the
Owner to the Contractor under the Construction Contract after all
proper adjustments have been made, including allowance to the
Contractor of any amounts received or to be received by the Owner
in settlement of insurance or other claims for damages to which the
Contractor is entitled, reduced by all valid and proper payments
made to or on behalf of the Contractor under the Construction
Contract.
12.2 Construction Contract: The agreement between the Owner and
the Contractor identified on the signature page, including all
Contract Documents and changes thereto.
12.3 Contractor Default: Failure of the Contractor, which has
neither been remedied nor waived; to perform or otherwise to comply
with the terms of the Construction Contract.
12.4 Owner Default: Failure of the Owner, which has neither been
remedied nor waived, to pay the Contractor as required by the
Construction Contract or to perform and complete or comply with the
other terms thereof.
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ipace is provided below for additional signatures of added parties, other than those appearing on the cover page.)
AS PRINCIPAL
Name and Title:
SURETY
(Corporate Seal) Company:
Signature:
Name and
Address:
(Corporate Seal)