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HomeMy WebLinkAbout08 2022 0315 Performance and Payment Bonds Bond#72443549 PERFORMANCE BOND KNOW ALL PERSONS BY THESE PRESENTS, THAT, WHEREAS, the South Tahoe Public Utility ❑is ict El Dorado County, California, hereinafter designated the "Owner," has, on awarded to Tieslau Paving and Excavating hereinafter designated as the"Principal,"a contract for 2022 Asphalt Patching Services. WHEREAS, the work to be performed by-the Contractor is more particularly set forth in the Bid Documents for the Services, (hereinafter referred to as "Bid Documents"), the terms and conditions of which'are expressly incorporated herein by reference; and WHEREAS, said Principal is required under the terms of said contract to furnish a bond for the faithful performance of said contract: . NOW, THEREFORE, WE, the Principal, and Western Surety Company as Surety, are held and firmly bound unto the Owner the penal sum of Three Hundred Three Thousand Thirty- h nnl[Am nnfi nnl4nn-------__ _ _ dollars ( 3o3 031.00 lawful money of the United States, not less than one hundred percent (100%) of the Contract price, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, and successors,jointly and severally,firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH, that if the above bound Principal, or its heirs, executors, administrators, successors, or assigns, shall in all things stand to and abide by, and well and truly keep and faithfully perform the covenants, conditions, and agreements in the said contract and any alterations made as therein provided, on its or their.part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless, Owner and Engineer their officers, agents, and employees as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and virtue and Principal and Surety, in the event suit is brought on this bond, will pay to Owner such reasonable attorney's fees as shall be fixed by the court. As a condition precedent to the satisfactory completion of the said contract, the above obligation in the said amount shall hold good for a period of 1 year after the completion and acceptance of the Work, during which time if the above bound Principal, its heirs, executors, administrators, successors, or assigns shall fail to' make full, complete, and satisfactory repair and replacements or totally protect said Owner from loss of damage made evident during said period of one year from the date of acceptance of the work under said contract, and resulting from or caused by defective materials or faulty workmanship in the prosecution of the work done, the above obligation in the said amount shall remain in full force and effect. However, anything in this paragraph to the contrary notwithstanding, the obligation of the Surety hereunder shall continue so long as any obligation of the Principal remains. Nothing herein shall limit the Owner's rights or the Principal or Surety's obligations under the Contract, law or equity, including, but not limited to, California Code of Civil Procedure§337.15. Whenever Contractor shall be, and is declared by the Owner to be, in default under the Bid Documents, the Surety shall remedy the default pursuant to the Bid Documents, or shall promptly at the Owner's option: (1) take over and complete the Project in accordance with all terms and conditions in the Bid Documents; or(2) obtain a bid or bids for completing the Project 1 in accordance with all terms and conditions in the Bid Documents and upon determination by Surety of the lowest responsive and responsible bidder, arrange for a Contract between such bidder, the Surety and the Owner, and make available as work progresses sufficient funds to pay the cost of completion of the Project, less the balance of the contract price, including other costs and damages for which Surety may be liable; or (3) Permit the Owner to complete the Project in any manner consistent with California law and make available as work progresses sufficient funds to pay the cost of completion of the Project, less the balance of the contract price, including other costs and damages for which Surety may be liable. The term "balance of the contract price" as used in this paragraph shall mean the total amount payable to Contractor by the Owner under the Contract and any modification thereto, less.any amount previously paid by the Owner to the Contractor and any other set offs pursuant to the Bid Documents. And the said Surety, for value received, hereby stipulates and agrees that no change, extension of time, alteration, or addition, to .the terms of the contract or to the work to be performed thereunder or the specifications accompanying the same shall, in any way, affect its obligations on this bond, and it does hereby waive.notice of any such change, extension of time, alteration, or addition to the terms of the contract or to the work or to the specifications. Said Surety hereby waives the provisions of Sections,2819 and 2845 of the Civil Code of the State of California. As a part of the obligation aec6red.'H&6by and in'addition to the amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by Owner in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. Whenever the Principal shall be, and declared by the Owner, in default under the Contract, the Surety shall promptly remedy the default or promptly pay the amount of the bond to the Owner. IN WITNESS WHEREOF, .,the above. parties have executed this instrument this 11 day of March , ?n?Z, .the name of each corporate party being hereto affixed and these presents duly signed by its undersigned representative, pursuant to authority of its governing body. Ti slau Paying n Excavating (Principal) d Paul Tieslau ( ignature for Principal) (Title) Surety Western Surety Company �AN, Todd Stein Attomey-in-€act (Signature for Surety) (Title) Surety's address in California for service of process: 555 Mission St. Suite 201 San Francisco.CA 94105 2