AR Performance Bond- Public Works Facility

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a Bond No. 4510354 ARKANSAS PERFORMANCE BOND AND PAYMENT BOND We Cx S Contracting. LLC DBA M & A Jones Construction. 1530 Batesville Blvd.. Batesville. AK 72501 hereinafter referred to as Principal, and Great American Insurance Company hereinafter referred to as Surety, are held and firmly bound unto City of Batesville. Arkansas 500 E. Main. Batesville. AR 72501 , as obligee, hereinafter referred to as Owner, in the initial Contract amount of $ 5,110,018.00 , said amount to be deemed a performance bond payable to Owner under the terms of this Performance and Payment Bond Agreement. The Principal and Surety state that the Surety is a solvent corporate surety company authorized to do business in the State of Arkansas. Principal has by written agreement dated OP /0A-,' /9 , )0 2 Z entered into a capital improvement contract (Contract) with the Owner for: Batesville Public Works Facility, Batesville, Arkansas The above referenced Contract is incorporated herein by reference. Under this Performance and Payment Bond Agreement, the Principal and Surety shall be responsible for the following: a. The Principal shall faithfully perform the above referenced Contract, which is incorporated herein by reference and shall pay all indebtedness for labor and materials furnished or performed under the Contract. b. In the event that the Principal fails to perform the Contract, the Principal and the Surety, jointly and severally, shall indemnify and save harmless the Owner from all cost and damage which the Owner may suffer by reason of Principal's failure to perform the Contract. Said indemnification shall include, but not be limited to, full reimbursement and repayment to the Owner for all outlays and expenses which the Owner may incur in making good any such default or failure to perform the Contract by the Principal. c. Principal shall pay all persons all indebtedness for labor or material furnished or performed under the Contract and in doing so this obligation shall be null and void. In the event that Principal fails to pay for such indebtedness, such persons shall have a direct right of action against the Principal and Surety, jointly and severally, under this obligation, subject to the Owner's priority. d. Principal shall guarantee the faithful performance of the prevailing hourly wage clause as provided in the Contract. Rev 1-16-03 PERFORMANCE AND PAYMENT BOND 00614- 1