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WHEREAS,
<br />CONTRACTOR'S PAYMENT BOND
<br />(PUBLIC IMPROVEMENT)
<br />KNOW ALL MEN BY THESE PRESENTS that as
<br />Principal, hereinafter called CONTRACTOR, and
<br />duly authorized and licensed to do business in the State of
<br />Minnesota, as Surety, hereinafter called Surety, are held and firmly bound onto the City of Ramsey as Obligee,
<br />hereinafter called OWNER, for the use and benefit of claimants as hereinafter provided in the amount of
<br />Dollars (written), ($ ), for the payment
<br />whereof CONTRACTOR and Surety bind themselves, their heirs, executors, administrators, successors, and assigns,
<br />jointly and severally, firmly by these presents.
<br />CONTRACTOR has by written Agreement dated , 2012. entered into a Contract with
<br />OWNER for the 2012 Street Sweeping Program, City Project No. XXXXX in accordance with Contract
<br />Documents prepared by The City's Engineering Department which Contract is by reference made a part hereof,
<br />and is to contain in substance the following provisions:
<br />CONTRACTOR shall pay all claims for labor performed and materials furnished, used or consumed in making the
<br />public improvement or performing the public Work, including, without limitation because of specific enumeration,
<br />fuel, lumber, building materials, machinery, vehicles, tractors, equipment, fixtures, apparatus, tools, appliances,
<br />supplies, electric energy, gasoline, motor oil, lubricating oil, greases, premiums for worker's compensation
<br />insurance, and contributions for unemployment compensation.
<br />The said written agreement, drawings, specifications, and amendments are hereinafter referred to as the Contract.
<br />NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if CONTRACTOR shall faithfully
<br />perform the said Contract and pay every person entitled thereto for all the claims for labor performed and materials
<br />furnished under the Contract to be used or consumed in making the public improvement or performing the public
<br />Work as provided in the Contract, then this obligation shall be null and void; otherwise it shall remain in full force
<br />and effect, subject, however, to the following conditions:
<br />1. No assignment, modification or change of the Agreement, or change in the Work covered thereby, or any
<br />extension of time for completion of the Contract shall release the Sureties on the bond.
<br />2. Not later than one year after the completion of Work under this Contract or such longer period of time as may
<br />be prescribed by law, or by the terms of any applicable special guarantee required by the Contract Documents
<br />or by any specific provision of the Contract Documents, any party in interest may maintain an action in his
<br />own name against CONTRACTOR and the Surety upon this bond for the recovery of any damages he may
<br />have sustained by reason of the failure of CONTRACTOR to comply with the Contract or with the Contract
<br />between CONTRACTOR and his Subcontractors. If the amount realized on this bond is insufficient to satisfy
<br />all claims of the parties in full, it shall be distributed among the parties pro rata.
<br />IN WITNESS WHEREOF, the above - bounded parties have executed this instrument in original counterparts, under
<br />their several seals this day of , 2012, the names and
<br />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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