HomeMy WebLinkAboutPerformance Bond CA Bond No. 4510386
PERFORMANCE BOND
KNOW ALL PERSONS BY THESE PRESENTS, THAT, WHEREAS, the South Tahoe Public Utility
District, El Dorado County, California, hereinafter designated the "Owner," has, on
October I 6th 2022 awarded to
Vinciggerra Construction,Inc, , hereinafter designated as the "Principal," a
contract for the construction of the 2023 Black Bart Waterline Replacement Project.
WHEREAS, the work to be performed by the Contractor is more particularly set forth in the Contract
Documents for the Project date October 6,2022 , (hereinafter referred to as "Contract
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 Great American Insurance Comnanv
as
Surety, are held and firmly bound unto the Owner the penal sum ofmftvM1310nbu[hund"Otwyney fin thousand,une hundred seventy six doUurs
dollars ($ 3,425,176 ) 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