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KNOW ALL MEN BY THESE PRESENTS, that as
<br />Principal, hereinafter called CONTRACTOR, and as Surety,
<br />hereinafter called Surety, are held and firmly bound onto the City of Ramsey as Obligee, hereinafter called
<br />OWNER, in the amount of Dollars (written),
<br />($ ), for the payment whereof CONTRACTOR and Surety bind themselves, their heirs, executors,
<br />administrators, successors, and assigns, jointly and severally firmly by these presents.
<br />WHEREAS,
<br />CONTRACTOR'S PERFORMANCE BOND
<br />CONTRACTOR has by written Agreement dated , 2011 entered into a Contract with
<br />OWNER for construction of the 2012 Street Sweeping Program, City Project No. XXXX in accordance with
<br />Contract Documents prepared by The City's Engineering Department which Contract is by reference made a part
<br />hereof, and is hereinafter referred to as the Agreement.
<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if CONTRACTOR shall promptly
<br />and faithfully perform said Agreement, then this obligation shall be null and void; otherwise it shall remain in full
<br />force and effect.
<br />The Surety hereby waives notice of any alteration or extension of time by OWNER.
<br />Whenever CONTRACTOR shall be, and declared by OWNER to be, in default under the Agreement, the OWNER,
<br />having performed OWNER'S obligations thereunder, the Surety may promptly remedy the default, or shall
<br />promptly:
<br />1. Complete the contract in accordance with its terms and conditions, or
<br />2. Obtain a Bid or Bids for completing the Contract in accordance with its terms and conditions, and upon
<br />determination by Surety of the lowest responsible Bidder, or if OWNER elects, upon determination by
<br />OWNER and the Surety jointly of the lowest responsible Bidder, arrange for a Contract between such Bidder
<br />and OWNER, and make available as Work progresses (even though there should be a default or a succession
<br />of defaults under the Contract or Contracts of completion arranged under this paragraph) sufficient funds to
<br />pay the cost of completion less the balance of the Contract Price," but not exceeding, including other costs and
<br />damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof. The
<br />term "balance of the Contract Price ", as used in this paragraph, shall mean the total amount payable by
<br />OWNER to CONTRACTOR under the Contract and any amendments thereto, less the amount properly paid
<br />by the OWNER to CONTRACTOR.
<br />No right of action shall accrue on this bond to or for the use of any person or corporation other than OWNER named
<br />herein or the heirs, executors, administrators or successors of OWNER.
<br />IN WITNESS WHEREFORE, the above - bounded parties have executed this instrument in
<br />original counterparts, under their several seals this day of , 2011, the names
<br />and corporate seal of each corporate party being hereto affixed and these presents duly signed by its undersigned
<br />representative, pursuant to authority of its governing body.
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