PERFORMANCE BOND by 5MC90ld

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									                               PERFORMANCE BOND

                                                                    Bond No. ________

KNOW ALL MEN BY THESE PRESENTS, that I/we, ______________________, as
Principal, and ________________________, a corporation organized and doing
business under and by virtue of the laws of the State of _________________ and duly
licensed to conduct a general surety business in the State of Washington as Surety, are
held and firmly bound unto Whatcom County as Obligee in the sum of ______________
_________________________________________________ dollars ($__________) for
which payment, well and truly to be made, we firmly bind ourselves, our heirs,
executors, and successors, jointly and severally by these presents, for the term of the
bond or any extension thereof that may be granted by the County per the conditions
stated below, and until released in writing by the County according to the terms stated
below.

WHEREAS, the above named Principal agrees to complete the improvements as
outlined ______________________________________________________________
_____________________________________________________________________.

NOW THEREFORE, the condition of this obligation is such that if the above Principal
shall well and truly complete said improvements, as confirmed by County inspection,
during the original term thereof or any extension of said term that may be granted by the
Obligee under the terms stated below, this obligation shall be void. Otherwise it shall
remain in full force and effect.

If said improvements are not completed as outlined above within one year (the original
term) from the signing of this agreement or extension thereof for up to one additional
year, granted in writing by the County upon written request of Principal and Surety,
then:
        a) Upon written notice from the County to the Surety, the funds sufficient to
           cover the County’s cost estimate for the remaining work, plus an amount of
           10% of the cost estimate to cover contingencies, shall forthwith be submitted
           to the County and utilized to complete said improvements. All costs related to
           said collection shall be deducted from the secured amount prior to release of
           any residual monies. Following completion of the work by the County
           necessary for proper performance under its requirements, the County shall
           make an accounting of the expenditure of funds and provide that accounting,
           along with any unused funds, to the Surety; or
        b) Principal and Surety shall make written request to the Technical Advisory
           Committee for any extension they desire beyond the initial two-year period.
           The County may recalculate the amount of the security as a condition of the
           granting of any such extension. The collection and/or release of said security
           during and after the period of such extension shall occur in the manner
           otherwise stated above.




Revised 7/4/2012
IN WITNESS WHEREOF, the seal and signature of the said Principal is hereto affixed
and the corporate seal and the name of the Surety is hereto affixed and attested by its
duly authorized Attorney-in-Fact at ______________________________, Washington,
this ________day of _______________________, 20____.



 PRINCIPAL                                             SURETY

____________________________                           __________________________
Sign                                                   Sign

____________________________                           ___________________________
Print                                                  Print

Address_______________________                         Address_______________________

____________________________                           _____________________________



Accepted on behalf of Whatcom County:

_________________________________
Assistant Director of Public Works


Approved as to form by Daniel L. Gibson, Senior Civil Deputy Prosecutor, on May 31, 2007.




Revised 7/4/2012

								
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