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and
<br />in
<br />PERFORMANCE BOND
<br />, as Principal, hereinafter called the Contractor,
<br />, as Surety, with general offices
<br />a Corporation organized under the laws of the State of , and
<br />authorized to transact business in the State of Colorado, are hereby bound unto the City of
<br />Louisville, Colorado, as Obligee, hereinafter called the City, in the penal sum of
<br />($ ) in the United States currency, for the payment of which sum the
<br />Contractor and Surety bind themselves, their heirs, executors, administrators, successors and
<br />assigns, jointly and severally.
<br />WHEREAS, the Contractor has entered into a written contract with the City dated
<br />, 2017, for in accordance
<br />with plans and specifications contained in the Contract, a copy of which Contract is attached
<br />hereto and made a part hereof and is hereinafter referred to as the Contract;
<br />NOW, THEREFORE, the conditions of this performance bond are such that, if the
<br />Contractor shall satisfactorily perform the Contract, then this bond shall be null and void;
<br />otherwise, the Surety shall promptly remedy the default, or shall promptly 1) Complete the
<br />Contract in accordance with its terms and conditions, or 2) Obtain a Bid or Bids for completing
<br />the contract in accordance with its terms and conditions, and upon determination by Surety of
<br />the lowest responsible bidder, or if the City elects, upon determination by the City and the
<br />Surety jointly of the lowest responsible bidder, arrange for a Contract between such Bidder and
<br />the City, and make available as work progresses (even though there should be a default or a
<br />succession of defaults under the Contract or Contracts of completion arranged under this
<br />paragraph) sufficient funds to pay the costs of completion plus liquidated damages additional
<br />costs pursuant to Section 12.2 of the General Conditions of the Contract less the balance of the
<br />contract price, but not exceeding the amount set forth in the first paragraph hereof. The term
<br />"balance of the contract price", as used in this paragraph, shall mean the total amount payable
<br />by the City to the Contractor under the Contract and any amendments thereto, less the amount
<br />paid by the City to Contractor.
<br />In addition, if the Contractor or a subcontractor shall fail to duly pay for any labor, materials,
<br />team hire, sustenance, provisions, provender, or other supplies used or consumed by such
<br />Contractor or subcontractor in performance of the Contract, or shall fail to duly pay any person
<br />who supplies rental machinery, tools, or equipment, all amounts due as the result of the use of
<br />such machinery, tools or equipment in the prosecution of the Work, then the Surety shall pay
<br />the same in the amount not exceeding the sum specified in the bond together with interest at a
<br />rate of eight percent per annum.
<br />In addition to the other conditions hereof, this bond shall include all provisions set forth in
<br />Section 38-26-106, C.R.S.
<br />CITY OF LOUISVILLE
<br />HVAC IMPROVEMENTS FOR HBWTP
<br />19
<br />005200-7
<br />AGREEMENT
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