PERFORMANCE BONDBALBOA INSURANCE COMPANY
a •
PERFORMANCE BOND
Approved by The American Institute of Architects Premium : $150.00
A. I. A. Document No. A-311 (Feb. 1970 Edition)
BOND NUMBER L05-000674
KNOW ALL MEN BY THESE PRESENTS:
That ENGINEERED RECYCLING SYSTEMS, INC., 2575 Harn Blvd., Clearwater, Florida
33516
as Principal,
hereinafter called Contractor, and BALBOA INSURANCE COMPANY a corporation organized and existing under the laws
of the State of California, as Surety, hereinafter called Surety, are held and firmly bound unto CITY OF CLEARWATER, City
Hall, P. 0. Box 4748, Clearwater, Florida 33518
as Obligee, hereinafter called Owner, in the amount of Ten thousand and no/100
Dollars ($'`10, 000.00
for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and
severally, firmly by these presents.
WHEREAS, Contractor has by written agreement dated 19 , entered into a contract with Owner for
Scientific management of spray irrigation field for the City of Clearwater.
in accordance with drawings and specifications prepared by City of Clearwater, Clearwater, Florida 33518
(Here insert full name, title and address)
, which contract is by reference made a part
hereof, and is hereinafter referred to as, the Contract.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Contractor shall promptly and faithfully perform said Contract,
then this obligation shall be null and void; otherwise it shall remain in full force and effect.
The Surety hereby waives notice of any alteration or extension of time made by the Owner.
Whenever Contractor shall be, and declared by Owner to be in default under the Contract, the Owner having performed Owner's
obligations thereunder, the Surety may promptly remedy the default, or shall promptly
(1) Complete the Contract in accordance with its terms and conditions, or
(2) Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety
of the lowest responsible bidder, or, if the Owner elects, upon determination by the Owner and the Surety jointly of the lowest
responsible bidder, arrange for a contract between such bidder and Owner, and make available as Work progresses (even though
there should be a default or a succession of defaults under the contract or contracts of completion arranged under this;paragraph)
sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs olid
damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of*
contract price," as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and ariy,_
amendments thereto, less the amount properly paid by Owner to Contractor.
Any suit under this bond must be instituted before the, expiration of two (2) years from the date on which final payment_ tiger, the V"
Contract falls due.
No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named fie ein or.the::
heirs, executors, administrators or successors of Owner. ' `
Signed and sealed this 7th day of September � Ai+DO X19 76
In the presence of:
........7.4
B50R575
ENGINEERED RECYCleINGSYS .MS INC.
/lc (Seal)
,
OMPANY Principal
By
(Seal)
.6ncer: Attorney—in—Fact
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