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Bond N tuber SSB0425791 <br /> PERFORMANCE BOND AND PAYMENT BOND <br /> We StoneBridge Construction,LLC hereinafter referred to as Principal, <br /> and RLI Insurance Company hereinafter referred to as Surety, are held <br /> and firmly bound unto City of Batesville,500 E.Main St.,Batesville,AR 72501 , as obligee, <br /> hereinafter referred to as Owner, in the initial Contract amount of $ 1221600.00 <br /> said amount to be deemed a performance bond payable to Owner under the terms of this <br /> Performance and Payment Bond Agreement. The Principal and Surety state that the Surety is a <br /> solvent corporate surety company authorized to do business in the State of Arkansas. <br /> Principal has by written agreement dated entered into a capital <br /> improvement contract (Contract) with the Owner for: North Sports Complex Tee Ball Fields,Batesville,AR <br /> The above referenced Contract is incorporated herein by <br /> reference. <br /> Under this Performance and Payment Bond Agreement, the Principal and Surety shall be responsible <br /> for the following: <br /> a. The Principal shall faithfully perform the above referenced Contract, which is incorporated <br /> herein by reference and shall pay all indebtedness for labor and materials furnished or performed <br /> under the Contract. <br /> b. In the event that the Principal fails to perform the Contract, the Principal and the Surety, <br /> jointly and severally, shall indemnify and save harmless the Owner from all cost and damage which <br /> the Owner may suffer by reason of Principal's failure to perform the Contract. Said indemnification <br /> shall include, but not be limited to, full reimbursement and repayment to the Owner for all outlays and <br /> expenses which the Owner may incur in making good any such default or failure to perform the <br /> Contract by the Principal. <br /> c. Principal shall pay all persons all indebtedness for labor or material furnished or performed <br /> under the Contract and in doing so this obligation shall be null and void. In the event that Principal <br /> fails to pay for such indebtedness, such persons shall have a direct right of action against the <br /> Principal and Surety, jointly and severally, under this obligation, subject to the Owner's priority. <br /> Rev 04/01/2006 PERFORMANCE AND PAYMENT BOND 00614-1 of 2 <br /> 11 <br />